disclaimer: I used to work for Peloton and still own some equity.
The company was started with the insight that working out at home is a much more pleasant and effective activity than going to the gym.
Pelotons business model is what I think Apple will eventually be forced to adopt. They sell a very expensive, thin-ish margin hardware product and up-sell you on their software + content + some merchandise. The hardware lock-in is real!! They also have a scarily obsessive, loyal and rich fan-base.