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Saturday, May 18, 2024

Liteboxer Vaults Into Metaverse with Oculus

  • Liteboxer announced virtual reality offerings and a VR-only subscription plan.
  • The metaverse and fitness are becoming more intertwined.
Liteboxer-VR
Liteboxer/Design: Alex Brooks

The metaverse and fitness became further entwined with Liteboxer’s announcement Wednesday that it is launching a new suite of VR offerings in partnership with Meta’s Oculus.

From March 3, users will be able to take instructor-led classes and workout with friends in virtual environments using a VR headset — with or without Liteboxer’s hardware.

  • Liteboxer will offer VR-only subscriptions for $18.99 per month.
  • A full subscription costs $29.99 per month.

Engagement metrics are the holy grail of connected fitness,” Liteboxer CEO and cofounder Jeff Morin told Front Office Sports. “The loan-to-value of the customer is keeping them on the subscription service.”

Morin noted that high shipping costs largely eliminate the margins on their $1,245-to-$1,445 hardware sales.

Expanding Fitness’ Target Market

“The area that we get most excited about as a company is serving customers who have had a difficult or challenging relationship with fitness in the past,” FitXR CEO Sam Cole told FOS. FitXR offers VR fitness workouts and games.

“Fitness often targets the same 20% of people over and over again,” Morin added.

Cole has noticed more people purchasing VR headsets primarily for fitness, bolstering the case for fitness as a key driver of the potentially $1 trillion metaverse industry.

“With [Meta’s Oculus] selling 10 million headsets, that starts to get to a level that can support sustained ecosystem growth through new developers coming in and building experiences for that platform,” said Cole.

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