A new Peloton competitor lets you play games and watch streaming apps like Netflix, Hulu, and Twitch

• Playpulse's new bikes are available for preorder for customers who want to play video games while working out.
• The bike system offer "gamified workouts" and access to popular streaming services.
• See more stories on Insider's business page.

A new indoor exercise bike from Playpulse offers buyers the chance to work out while playing virtual bumper cars and stream entertainment right to their bikes.

The brand's first model, the Playpulse ONE, is now available to preorder and is advertised as a social gaming and workout experience. Owners can bike through games with friends while competing in virtual challenges.

The bike can also access streaming services including Netflix, HBO Now, Hulu, Amazon Prime Video, and Twitch, along with YouTube – features that Peloton doesn't currently offer – in addition to "gamified workouts."

Games range from "Bumper Cars" (in space!) to a racing game called "Heat Street." There are four games currently listed, but Playpulse says it is developing more game options. In addition to the entertainment capabilities, the system can track users' pace, heart rate, and other data during workouts.

Playpulse came about as part of CTO Kristoffer Hagen and vice president of technology Stian Weie's master's thesis at Norwegian University of Science and Technology in 2015, according to the company's website. The duo then teamed up with the company's now-CEO, Erling Magnus Solheim, to complete testing and development for the product.

The bike is delivered into your home and set up, and there's a 30-day home trial and return policy. The current price is set at $1,999 for the system, which includes a screen, pedal sensor, and handlebar controllers for gaming. Playpulse is currently advertising a limited-time 40% discount for bikes delivered in December, which comes out to a cost to consumers of $1,199 with six months of the usually $19.99/month Playpulse Live service, its content library of games and Studio workouts.

If you don't pay for Playpulse Live, the company says streaming services are fully accessible but Studio access is limited and only trial versions of games are available.

The exercise bike comes out on the heels of the success of Peloton, which makes its signature exercise bikes with screens to view workouts and advanced data tracking for users. The entry-level Peloton bike starts at $1,895, with the new Peloton Plus priced at $2,495. Peloton revenues topped $1 billion for the first time in the second fiscal quarter of 2021, Insider previously reported, but the company has run into delivery delays amid an increase in demand as people stayed home. The company said in its most recent company earnings that it planned to spend $100 million to invest in its supply chain and speed up shipment.