[softwaredoug]

TBH the arguments are fairly compelling it should be a solid business. Maybe not valued what it is.

Particularly the lack of churn on subscribers rings true. Their customers are loyal, they feel more part of a community, etc than your random Netflix subscriber.

There's a large addressable market, as seen by Tonal and others coming into the fray.

The counterargument IMO is that fitness is increasingly a fractured market between these home workout things, boutique gyms, budget gyms (Planet Fitness), fancier gyms, country clubs, people that just want to workout on their own...