Peloton is the ecosystem, I agree. It's the bike and everything around it. I obviously don't know Peloton's financials, but I see its marketing as being trainer

Peloton is the ecosystem, I agree. It's the bike and everything around it. I obviously don't know Peloton's financials, but I see its marketing as being trainer+services primarily and BYOD treated as a second-class citizen. When people think Peloton, (I assume) they think about the integrated trainers and the classes structured around them, not _just_ the app for subscription fitness classes. At least that's my view of Peloton and what I'm basing my comment on.