Here to Make Friends: FitTech & Community Building

Description:

At the start of 2020, the US brick-and-mortar fitness industry’s size was $37.9b. Community and connection thrived in these spaces. Enthusiasts donned the apparel from their favorite fitness boutique, fitness studios were the preferred networking spot and large urban markets’ chosen “third place.”

A trifecta of challenges awaited these little communities: slowing growth, looming digital innovators and COVID-19’s crushing impact – a forecasted 10% decline.

Contrast that against connected fitness which seemed to have seen the future – Peloton, Tonal, Mirror – that market is growing at a CAGR of 17.7%. But when consumers learned to look to fitness studios as their place to form connection, could digital fitness ever fill that need? Yes, and we’ll tell you how they do it.