Speaking from my personal experience, when I am on the treadmill what I mostly want is distraction, not an exercise guru cheerleading me to go faster. The amount of effort I put in on a treadmill is largely dictated by the treadmill - there's extrinsic force there and I have to move my legs at a certain speed to keep from being flung off. Compare that to a spin cycle where at any time you can move your legs faster or slower and the motivation or instructions from the coach might actually make a (psychological) difference... I think Peloton may have set themselves up for failure here by assuming that the two modes of exercise are similar and will drive similar subscriber retention rates.