It could be real business serving well off IT professionals like in FAANG+, or a slice of finance/legal/medical professionals. These folks can spend few hundred

It could be real business serving well off IT professionals like in FAANG+, or a slice of finance/legal/medical professionals. These folks can spend few hundred easily on fitness along with few thousand dollar devices. 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.