- On-demand and virtual fitness has never been more popular, as the pandemic drastically changes the way Americans stay fit.
- While Peloton continues to dominate the at-home fitness market, several digital fitness programs — both new and existing — are looking to cash in on the on-demand exercise boom.
- We took a closer look at 11 of the most popular virtual fitness membership programs.
- Visit Business Insider’s homepage for more stories.
Gone are the days of traditional gym memberships, as Americans enter the era of the virtual, at-home fitness movement buoyed by the pandemic.
On-demand fitness platforms have never been so popular, nor so ubiquitous. Though digital fitness has been on the rise in recent years, the coronavirus outbreak has put fledgling virtual companies on the map while prompting the rise of a slew of new platforms designed to help Americans stay fit while cooped up at home.
These programs vary
(Bloomberg) — Peloton Interactive Inc. founder John Foley is now a billionaire, thanks to a stunning rally in his home-fitness company’s shares since the pandemic began.
After posting a video to Kickstarter in 2013, Foley, a cycling enthusiast, raised $307,000 to help get his fledgling in-home exercise startup off the ground.
The former e-commerce president at Barnes & Noble wanted to bring the indoor cycling classes like those he was taking at New York boutiques SoulCycle and Flywheel into people’s homes. He had high hopes for Peloton, comparing its approach of creating both hardware and software to Apple Inc. in the Kickstarter video.
But Foley couldn’t have predicted the pandemic seven years later that would shut down gyms and spur a home exercise boom not long after his company’s IPO. Since mid-March, Peloton shares have rallied about 350%, sending Foley’s net worth to $1.3 billion, according to the
(Bloomberg) — Peloton Interactive Inc. shares rose Friday after the company reported quarterly sales that topped analyst projections as stay-at-home orders and gym closures continued to spur purchases of the company’s exercise equipment and workout subscriptions.
The New York-based fitness technology company said fiscal fourth-quarter revenue surged 172% from a year earlier to $607.1 million. Analysts were looking for $581 million, according to data compiled by Bloomberg. Profit, excluding certain items, was $89.1 million, or 27 cents a share, in
(Bloomberg) — Peloton Interactive Inc. reported quarterly sales that topped analyst projections as stay-at-home orders and gym closures continued to spur purchases of the company’s exercise equipment and workout subscriptions. The shares jumped about 10%.
The New York-based fitness technology company said fiscal fourth-quarter revenue came in at $607.1 million, up 172% from a year earlier. Analysts were looking for $581 million, according to data compiled by Bloomberg. Profit, excluding certain items, was $89.1 million, or 27 cents a share,
Peloton (PTON) has emerged during the pandemic as one the gems of the stay-at-home dynamic, as its connected fitness systems provide the in-home convenience of a workout without needing a gym (and when gyms had been closed). Peloton witnessed strong growth during the pandemic, and while shares may be a little pricey after following the tech rally step by step, the long-term growth potential remains visible, but not free from risks.
Source: Investor Presentation
For the third quarter Peloton recorded over 2.6 million total members logging over 44 million workouts, with 886,000 connected fitness subscribers, which corresponds to the Bike and Tread, as the digital subscription can act as a stand-alone service. On top of that, the 12-month connected fitness subscription had a 93% retention rate and only 0.46% monthly churn.
Connected fitness subscriber growth has been outstanding, up 94% YoY; digital subscription subscribers grew less – up 64%. As