That's distinct from "just a bike and an iPad."

But if they want to scale to much larger then as you say they would be competing with 200 dollar bike + ipad.

I'd think that just enticing people who could spend 400 dollars / month might be financially viable then reaching out to masses to justify 40 dollars per month on top of already expensive equipment.

Not really when they were selling a far more premium lifestyle experience.

Peloton is an aspirational buy.

Even if people entirely stopped buying their bikes, they could be be acquired just for their content and brand.