Zwift is more niche, has much lower costs, and is cheaper for the customer even once you factor in buying a bicycle and a connected trainer (and most customers have the former). They raised at a valuation of $1b, they did just north of $100 million in 2023, but also reduced headcount by 9%, suggesting they also tried to bite off more than what was there. But they're still spending enough to title sponsor the Tour de France Femmes