How credible are his PR statements, though?

You think "we're losing money on this subscription tier" is good PR for their investors?

"This car is priced so low we're practically giving it away!"

But are you owning something with a subscription in a market that has normalized hiking their prices?

There used to be contracts with service providers, and that — IIRC — usually shielded consumers from exorbitant increases.

At that price level you run into serious adverse selection

Meaning someone paying $200 monthly is going to use it as much as possible to get their money's worth.

I slightly disagree.

My hypothesis would be that the distribution for $200 users would be bimodal.

That is there would be a one concentration of super heavy power users.

The second concentration would be of people who want the "best AI" but are not power users and feel that most expensive -> the best.

Their actual usage would be just like normal free tier of ChatGPT.