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If they had launched it a year or more ago I think they would have had a shot. Before the pandemic there were still a lot of people out there who were hardcore soulcycle fans. Based on the small number of classes, the limited featureset (no leaderboard) and the chance they won't be around in the long run this would be a risky investment in my mind. Here's an article comparing the two bikes and memberships Peloton vs SoulCycle-at-home
 
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