The fitness wearables market is poised for huge growth over the next seven years — and companies and investors are taking notice.

Separate reports from Grand View Research and Fortune Business Insights placed the fitness wearable market at $34.6 billion and $36.3 billion, respectively. 

Fortune predicted compound annual growth of 15.4% through 2028, up to $114.4 billion. Grand View estimated an even higher growth rate of 18.9%. Startups and major tech companies are enhancing their hardware and software to claim a slice of that market. 

Apple Faces Wearables Competition

• Apple rolled out its Watch Series 7 in September. The wearable is required hardware for the company’s $9.99-per-month subscription workout program, Apple Fitness+.
• Amazon rolled out a new line of Halo fitness wearables that same month. Its subscription program costs $3.99 per month after a six-month trial period.
• Meta is focusing on metaverse and VR tech for its fitness push. In October, it acquired VR fitness game developer Within.

Heart rate monitoring and movement tracking are nearly ubiquitous among smart watches, and many now track blood oxygen levels, sleep quality, respiratory rate, skin temperature, and a wide array of analytics derived from those biometrics.

Startups have not been deterred by the tech giants entering the space. WHOOP, which upgraded its hardware and software in September, raised $200 million in August at a $3.6 billion valuation. Oura raised $100 million in May at a valuation of around $800 million.

The Utah Olympic committee has projected that hosting a future Winter Olympics in Salt Lake City would require a budget of up to $2.2 billion. 

Salt Lake City has yet to decide on whether it will submit a bid for 2030 or 2034, but the host of the 2002 Winter Olympics is in a position to be successful. A decision is expected following the Beijing 2022 Winter Olympics and Paralympics.

“Salt Lake is ready,” said USOPC chief executive Sarah Hirshland. “We don’t have to build anything. We don’t need to garner public support. We don’t have a lot of barriers.” 

Breaking Down the Costs

Salt Lake City beat out Denver, Colorado, and Reno, Nevada, as host for the next Winter Olympic and Paralympic Games. 

• The budget is calculated using inflation to represent 2030 costs.
• Operational costs are estimated to reach $1.75 billion. 
• A $200 million contingency is included.
• The remaining $250 million would be allocated toward legacy projects and winter sports.
• No infrastructure costs are included in the projected budget. 

Holding the Winter Olympics in Salt Lake City in 2030 faces an uphill battle due to the 2028 Summer Olympics in Los Angeles. Two consecutive Olympics in the U.S. could pose logistical challenges and would require the two cities to jointly raise private funds to avoid heavy use of public money.

Soccer clubs have potentially made hundreds of millions of dollars selling fan tokens that unlock real-world benefits for fans. 

According to data from FanMarketCap.com, the fan token economy has seen 50% growth since June, with the total market cap  increasing from $260 million to $391 million. 

Leading the way is Socios.com, which allows fans to engage with favorite teams and clubs through digital assets. The tokens unlock access to special offers and voting rights on decisions the team puts before the fans, such as which player should take over the team’s Instagram for a day.

The company has been able to provide instant value to partners. When F.C. Barcelona launched an initial fan token offering in June of 2020, the tokens sold out in less than two hours, generating $1.3 million for the debt-burdened club.  

Clubs generate revenue from the Socios.com platform in the form of direct payments. Currently, teams fan tokens are trading down relative to their Q2 highs.   

• Paris Saint-Germain fan tokens are currently trading at $14.56 with a $45.3 million market cap.
• Manchester City tokens are currently trading at $9.49 with a market cap of $33.8 million. 
• Barcelona tokens are currently trading at $8.8 with a $31.1 million market cap. 

Socios.com has also partnered with U.S. properties in the MLS, NBA, NHL, and NFL. While those partnerships have yet to offer fan tokens, the model could soon be introduced domestically.

If you want to learn more about the use case for fan tokens and blockchain in sports, check out our Insights report.  

Two months after announcing LCKR, its first private apparel label in three years, Foot Locker unveiled Cozi, the company’s first proprietary womenswear brand.

Launching with a cast including skateboarder Briana King and basketball player Hannah O’Flynn, the brand is aimed at “women who keep up with trends, love sneakers, and crave premium wardrobe staples at an affordable value.”

The brand’s first collection is already live exclusively at Champs and Foot Locker, both in-store and online, with pieces ranging from $35-$50. Cozi will release seasonal collections throughout next year, making a greater mark in the athleisure market, which is expected to reach $549 billion by 2028.

Foot Locker’s Business Shift

LCKR and Cozi aren’t the only ways Foot Locker has shifted its business.

• August: purchased Text Trading Company for $360 million.
• September: closed $750 million acquisition of WSS parent Eurostar.
• November: launched lifestyle brand All City by Just Don with Don C.; announced it would be merging its Champs Sports and Eastbay brands; closed its $360 million acquisition of footwear retailer atmos.

Foot Locker recorded third-quarter total sales of $2.2 billion, up 3.9% year-over-year, and net income of $158 million. For the first nine months of the year, net income reached $790 million.