But this would be a sign that demand is tailoring off! The subscription count is a lagging indicator of user demand, especially with the current backlog. If anything, as an investor you’d want overall GM to stick as close to the hardware segment as possible for as long as possible.
This uncertainty is why I haven’t jumped on PTON. Congrats to all who made money doing so (so far) but the whole thing smells like a) a fad; b) a market timing exercise. PTON sounds like their products are taking the world by storm, but it’s really a very small slice of the total population. There is no knowing when the fad subsides, when people stop using it the same way people stop using their new gym memberships every year.
In short, never count on the public to want to exercise… 