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Congress has proposed a recovery bill aimed at aiding the floundering gym industry. At least one estimate suggests the U.S. fitness industry has lost $15.6 billion and 480,000 jobs due to the pandemic.
To help the industry recover, legislators have proposed a $30 billion bill, with gyms eligible for up to $10 million if it becomes a law. While the standalone fitness recovery bill is unlikely to pass, it could be part of a broader stimulus package if Congress chooses to inject the economy with fresh money again.
As gyms have struggled, Peloton continues to climb — last month reporting a 172% year-over-year increase in sales during its fiscal fourth quarter. Meanwhile, other at-home workout platforms have received an influx of investments, with JAXJOX and Future Fit App the latest to announce significant fundraises.
Recent Fitness Fundraises:
- Swift — $450 million
- ICON Health & Fitness — $200 million
- Tonal — $110 million
- Future Fit App — $24 million
- JAXJOX — $10 million
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