How does Aviron aim to generate value using an evergreen games content model, and how does this model differ from that used by Peloton?

In terms of unit economics, we're in a much better place. I think Peloton pays around 30% of their subscription toward music royalties. We don't have to pay any royalties, and we don't have to pay any trainers. We just integrate to Spotify, as an example, and you can listen to your own music and do our workouts. From a business economics standpoint, we're in a much better position.

Obviously, the challenge with that is, like you mentioned, how do you justify paying a membership when on the Peloton model consumers are getting this live instructor and these amazing songs? For one, we don't charge as much, and that's where our price point is lower.Our membership fee, instead of being $44 a month—which is what Peloton was, I don’t know if they’ve increased it—but ours is down to $25 a month. That’s more in line with getting closer to your Zwift or pretty much any other streaming service. It's just a lot more approachable.

In terms of content, for a software based product that doesn't rely on instructors as new content we’re releasing pretty frequent updates. We aim for 2 major updates a quarter with new content, new games, additional features and some smaller updated peppered throughout.

For example, adding all the streaming services, adding Spotify integration, adding a brand new game, those aren't things you can do each week, but the cadence is pretty good and the customers seem to be happy with it. The updates definitely justify the price of the membership. Another feature where customers find value is all of the interactive and social features. 

For example, we have a group workout lobby. When you click on that, you can see that there's always ongoing workouts that you can join with other people. There's a community of people that you can workout with all the time and you can do it with real people from around the world.

Then, once you finish that workout, you have high scoreboards, leaderboards, monthly challenges, and consumers are unlocking new achievements, and even using their Aviron coins to unlock backgrounds and vehicles in our Power Play category.