> Except that the incremental cost of someone using a Gym is almost zero. Once you have enough members to cover the rent & employees, it's almost all upside.

Huh? What exactly do you think a gym's principal expenses are beyond rent, employee cost and equipment maintenance/replacement? And how long do you think a gym treadmill which is run on for ~6 hours a day will last?

I'm not saying MoviePass automatically makes sense, but the idea that gyms are "all upside" after the initial equipment purchase is badly misinformed.