Apples to oranges comparison, those provide the bike and the space.

You can make the comparison work if you amortize the cost. Soul cycle is $30/class; peloton is $40/mo and $1600 to get started. Assuming a 13mo year of 4wk months and 3 classes a week, soul cycle costs $360/mo and peloton costs $40/mo. In 5 months you break even and keep a workout bike that retails second hand for $1000-1300.

You can consider it apples to oranges, but this is the math consumers are doing.