We have had our Pro-form 290-SPX spin bikes for about 3 years now. The first year, they were quiet. The next year (approximately… ), they began to talk to us loudly. The noise of their loud, squeaky voice said, “You should look at our brakes.” Some of the pads were worn at a slanted angle. Taking them off, turning them around, and putting them back on kept them quiet for a while.
Soon, however, they were squealing again. A couple of the pads seemed to be getting thin everywhere, but the other pads looked “okay”. It wasn’t clear why that would make such a bad noise. They didn’t seem to be touching metal to metal anywhere. Ever trying to learn to do these things myself, I searched the internet far and wide for replacement pads. The only option I could find was replacing the whole brake apparatus, and even that wasn’t very clear. I gave in and told my engineer I needed help. Naturally, he had found a possible fix within minutes.

A bike forum suggested a silicone spray lubricant, but he didn’t tell me. He secretly bought a can of fabulous (it says so, right on the can) Blaster® Industrial Strength Silicone spray lubricant at Walmart, and wrapped it for one of my Christmas gifts. He was quick to explain when I opened it. “Think of it as new bike brakes.” Apparently, the fibers of the brake pad dry out and fray, leading to the horrible squeaking.
I believe he got to playing with it that very day. He took the brakes off and saturated the brake pads with the stuff. Voila! No more squeaking. They have been good for a few weeks now. He now says we should probably have done this to them regularly since they were new. There is always something that could be done better to maintain things!

If you want to know what all the other stuff on the wheel is you can read about how he hooked up an bike computer with odometer to the spin bike here. (click on any photo to enlarge)
Thanks! I’m trying this right now!
It has been successful long term for us here! Hope it does as well for you.