Global digital fitness revenue is expected to reach $22.5 billion this year, a 30.9% increase year-over-year. New devices and wearable fitness products — along with fitness and nutrition apps — are driving the growth.
Consumers have flocked away from physical gyms because of COVID-19 concerns that began when gyms shutdown in March. As consumers settle into these new fitness routines, up to 25% of gyms could close by the end of the year without congressional aid — only furthering this at-home trend.
A congressional package could be on the way as a bipartisan $40 billion recovery bill was introduced earlier this month. The gym industry lost $13.9 billion in revenue from March to September.
- Hyperice recently raised $47.8 million at a $700 million valuation, with investors like the NBA, pro athletes and more.
- Peloton is now a $35 billion company, approximately the same amount the U.S. gym industry generated in revenue in 2019.
- Denver-based artificial intelligence fitness startup Exer Labs has raised $2 million — building on $2.5 million raised last year.