Bloomberg Businessweek: AI for Online Cycling

Date: October 7, 2025
Hosts: Carol Massar and Tim Stenovec
Guest: Eric Min, Co-founder & CEO of Zwift

Episode Overview

This episode dives into how Zwift — the online cycling platform — is revolutionizing virtual training and racing by leveraging AI and hardware innovations. Hosts Carol Massar and Tim Stenovec catch up with Eric Min, Zwift’s CEO, on the state of the business, its growth trajectory, hardware evolution, and their forward-looking roadmap, including new AI-driven personalized training and a major map expansion in New York City.

Key Discussion Points & Insights

Zwift’s Business & Hardware Growth

• Zwift’s Hardware Evolution

  • Initially founded as a software-only company, Zwift shifted to making its own hardware — notably, the $1,300 Zwift Ride smart bike, launched to make onboarding easier and attract a wider market.
  • Eric Min: "We really landed a product that resonates with the masses. So it's been very successful. This is our second year, and the sales have been very, very strong so far." (02:53)

• Addressing Market and Friction Points

  • The move into hardware is about eliminating friction for new users, making it much easier to experience virtual cycling and widening Zwift’s appeal beyond core cycling enthusiasts.
  • Min notes reaching a key competitive price point after years of iteration: “It's taken us 10 years, a lawsuit, lots of investment in hardware to finally get [to the right] price point. And I can tell you that it's finally working.” (04:33)

• Growth & Financial Health

  • While specific numbers are withheld, Min references steady, double-digit revenue growth and a pivotal post-COVID shift: "We had a crazy, crazy growth during COVID years. I think now we're in sort of responsible growth.” (05:15)
  • Defining 2025 as the first year of “meaningful profit”: "This isn't the first year we're profitable, but this is the first year we are, I'd say profit in a meaningful, meaningful sense." (06:17)

Zwift’s Strategic Focus and Future

• Capital and IPO Prospects

  • Unlike many tech peers, Zwift isn’t pressed for capital as it used to be. Min emphasizes prudent, focused investment: “I don't think capital is the issue anymore. It's really just where do we want to place our bets?” (05:31)
  • On IPO rumors: Min remains non-committal. "We need some more time to grow into a story like that... What we just need to do is just create a great business, great product experience and I think hardware is a big, big part of that.” (06:49)

• Product Roadmap: AI & Personalization

  • Zwift is betting heavily on AI for personalized training, quantifying user progress, and optimizing recommendations based on an individual’s recent ride history.
  • "Every Zwifter who shows up on Zwift should be recommended the best content, given what they've done, you know, perhaps the day before, the week before, the month before. So we're really investing in training and personalized training. So this is where AI comes in, and this is something that we'll start delivering this fall." (07:26)

New Features: NYC Map Expansion

• Virtual New York Experience
  • A new expansion to Zwift’s New York City map, encompassing Brooklyn and Times Square, adds a layer of nostalgia and excitement, especially for Min as a New Yorker.
  • "This is the first expansion of the city. I'm really excited. We're going to Brooklyn, we're going to Times Square. And so this is a bit of nostalgia for me. This is my playground for many, many years." (08:22)

Notable Quotes & Memorable Moments

• Building for the Masses:
  “We started the business as a software company, really discounting the hardware. We didn't want to be in the hardware business, but it's just such an important part of the overall experience.”
  — Eric Min, (02:53)

• On Responsible Growth:
  "We had a crazy, crazy growth during COVID years. I think now we're in sort of responsible growth."
  — Eric Min, (05:15)

• On Profitability:
  “This isn't the first year we're profitable, but this is the first year we are, I'd say profit in a meaningful, meaningful sense. And that's because we've just become more efficient as a business.”
  — Eric Min, (06:17)

• On AI and Personalized Training:
  "Every Zwifter who shows up on Zwift should be recommended the best content given what they've done... So we're really investing in training and personalized training. So this is where AI comes in, and this is something that we'll start delivering this fall."
  — Eric Min, (07:26)

• On the NYC Expansion:
  "This is the first expansion of the city... We're going to Brooklyn, we're going to Times Square. And so this is a bit of nostalgia for me."
  — Eric Min, (08:22)

• Light-hearted NYC Cycling Banter:
  "No bikes allowed in [the Hudson] tunnel, Carol."
  "Yeah. Casey Neistat did it a few years ago... It's kind of scary."
  — Carol Massar & Tim Stenovec, (09:09–09:20)

Key Timestamps

• 01:30: Carol & Tim introduce Eric Min and Zwift’s vision
• 02:53: Eric Min on Zwift Ride and hardware strategy
• 04:33: The challenge of hardware pricing and market fit
• 05:15: Discussion on growth trends and profitability
• 06:49: IPO considerations and business principles
• 07:26: AI-driven personalized training and future roadmap
• 08:22: New York City map expansion details and personal resonance

Conclusion

This episode offers a comprehensive and forward-looking snapshot of Zwift — where AI-enhanced training and seamless hardware integration are propelling indoor cycling into the future. Eric Min’s insights provide a deep sense of strategic focus and optimism, underlining Zwift’s evolution from a niche enthusiast app to a widely accessible, profitable fitness technology platform. The coming months, with AI features and an expanded New York map, promise even richer experiences for virtual cyclists.