Companies are turning to virtual fitness partnerships to offer a new form of wellness to their remote associates.
The trend has helped to boost the wounded fitness industry, which as a whole lost $7 billion in revenue as of last July, according to the International Health, Racquet & Sportsclub Association.
- In 2019, 84% of large employers (200+ workers) offering health benefits said they also offered a workplace wellness program. Many of these programs included a gym reimbursement.
- In July 2020, 59% of Americans said they weren’t planning to renew their gym memberships once the pandemic ended, according to TD Ameritrade, citing discovery of cheaper alternatives.
- As of Jan. 2021, 10% of HIIT studio Fhitting Room’s revenue comes from private corporate sessions. Previously, corporate clients were only considered on a case-by-case basis.
Corporations can have their pick from a variety of virtual fitness studios, including Equinox, ClassPass and Gympass. Companies like Estee Lauder, JP Morgan and PayPal have all signed up for their own digital fitness benefits.
According to Global Market Insights, the virtual workout industry hit $5 billion in 2019 and is projected to grow to $30 billion by 2026.