Which... isn't a bad business model per se IMO. With the current trend of "self improvement", there are enough people willing to pay lots of money, for everything from gym memberships to individual personal trainers.

The issue is: this is not going to be an exponential-stock-growth-style business model, as many seem to expect. There is no hope for the usual "undercut the competition in pricing and establish a monopoly that can be used for rent-seeking afterwards" VC model, no hope for a make-everyone-filthy-rich acquisition by an established market player, at best this is going to be a steady, "boring" cash cow.

(Note, I don't hold any stakes in Peloton or competitors)