05/25/2020
The online fitness industry has seen a major boom since the COVID-19 outbreak, but is it here to stay? For brick and mortar gyms, franchises and boutique fitness studio’s, the damage has been devastating. 24 hour fitness is contemplating bankruptcy while Soul Cycle is now selling their bikes for $2,500 to compete with Peloton amidst their studio closures.
The almost $100 billion fitness industry has quickly shifted into a virtual world for those who have been able to quickly adapt. However, those who haven’t implemented a digital strategy may not make it out alive and if they do they may never be able to fiscally recover. Now the spotlight has come down to at-home equipment, streaming services and virtual trainers. With no one leaving their homes a $1,495 mirror that doubles as your personal trainer doesn’t seem so bad after all.
The online fitness industry has seen a major boom since the COVID-19 outbreak, but is it here to stay?