Thanks to social distancing brought on by COVID-19, the entire fitness industry is rushing to pivot to a digital model. While digital fitness has actually existed for a long time (Hello, Jane Fonda!), today’s market is rapidly growing around some key components: content, and the means to distribute said content.
Predictions for the future of digital wellness:
- Peloton will continue to expand and dominate.
- There will be a “great bundling” of boutique brands onto a single platform (led by ClassPass?). In-person boutique gyms like Barry’s, Orange Theory, and Fhitting Room have all rushed online as a way to survive the pandemic. As brands develop their online audiences, there will be a demand for a single online subscription to aggregate these classes.
- Players will expand to offer a full wellness package beyond just workout content (see Lululemon’s acquisition of Mirror).
- Acquisitions by Big Tech: Could Apple acquire Peloton? Will Google split YouTube into its own fitness platform? Can Amazon acquire digital fitness streaming players Fiit or Obé and roll them into Amazon Prime?
- Celebrity instructors as customer acquisition: Celebrity instructors can easily move platforms, and bring their loyal audience with them, so they will become a strategy to pull in audiences.