From: FitX
Date: September 21, 2020
Subject: FitX Newsletter #11 9/21


 

­ƒôà  FitX Programming Updates

Thanks to everyone who came out to our kickoff event with EVC and our Q&A with 305 Founder Sadie Kurzban! We loved some of her advice on entrepreneurship such as “when you hear no, find a YES” and “always tell the truth - just come out and say it.” You will find many of us taking some quick fitness and dance cardio breaks between zoom classes with the new 305 at-home app.

 

 

If you applied to the FitX board we will be following up soon and scheduling interviews later this week. Stay tuned!

 

­ƒôà  Upcoming Events

  • 9/22 5:00 - 6:30PM EST: D+B Problem-Solving Workshop. FitX is partnering with D+B for Innovation Week and on how to take a customer-focused problem, and begin to ideate solutions. FitX will be focused on the rapidly developing At-Home Fitness market using data collected from an action-based learning project this summer!

  • *Coming to Campus Groups soon!* 10/20 6:00 - 7:00PM Recruiting Success Stories in the Wellness Industry. Did all of this recruiting talk come at you quick? Curious about how to intern or work within the wellness industry? FitX will be facilitating a panel discussion and Q&A, with MBA2s who gained experience working or interning within this industry.

­ƒæÅ  FitX Feature 

Tech Giant Enters Streaming Fitness: The Pulse on Apple Fitness+ 

The rumors have been swirling for weeks now, but this week's Apple conference made it official. Apple is all in on the fitness business with their introduction of Apple Fitness+ (why does everything have a + these days?). The streaming service will provide streaming fitness classes across all Apple products, but the message from Apple really emphasizes the integration with Apple Watch. “We’re so excited to energize our customers with new ways to get active and stay active with Apple Watch,” said Jay Blahnik, Apple’s senior director of fitness for Health Technologies.”

Fitness+ is now part of the broader subscription and service offerings that now includes Apple Storage, TV, News, Arcade and Music. These services reached $12B in revenue last quarter for Apple, up 17% YoY, which emphasizes the firm's transformation into more than just a hardware company. Bundling is the name of the game for Apple moving forward. It now gives customers three different options: Individual ($14.95), Family ($19.95) and Premier ($29.95). If you just want to access Fitness Plus it will run you $9.99/month compared to Peloton Digital’s $12.99/month. 

 

 

In conjunction with the launch of Fitness+ was the introduction of the $279 Apple Watch SE. Following the strategy of their iPhones, the lower priced SE is hoping to capture greater market share and bring the Apple Watch to even more consumers. This move indicates some of Apples greater intentions with Apple Fitness+ as they move deeper into the healthcare space. The strategy is built on collecting data and using AI to predict and improve health outcomes. Earlier this year, Apple made several AI acquisitions, and we’ve seen improvement in the Apple Watch’s ability to capture health data such as the EKG app released in the Apple Watch 5 and the newest watch has the ability to measure your blood oxygen levels.

Almost every major technology giant is now in the fitness industry, ranging from Amazon and their recent launch of Halo, Google’s recent purchase of FitBit and this recent announcement makes Apple’s offering even stronger. Much of the immediate reaction was focused on Apple taking on Peloton in the connected fitness space, but the FitX team feels that this move from Apple won’t take a substantial bite out of Peloton’s ever increasing pie. This move by Apple is a great step in making fitness easier and more accessible to a broader audience.

We’ll continue to keep up on this dynamic market as we expect even more innovation to come in the months ahead.

ÔÅ®  Industry Highlights

Peloton Releases Bike+ and Tread, a More Affordable Treadmill

While many questioned if Peloton would acquire complementary products, like Hydrow, the company has gone in a slightly different direction, choosing to upgrade its existing bike and offering a cheaper treadmill. New features on the Bike+ include a larger screen that swivels for off-bike workouts, resistance that automatically adjusts with the instructors’ cues and pairing with the Apple Watch. Rumors have also been swirling that Peloton may branch into strength-focused products, but CEO John Foley put those rumors to rest by saying they didn’t need a dedicated product. 

Mindbody is About to Launch its Flex Membership

Tired of doing the same videos workouts during COVID? MIssing all of the great studio classes you used to attend? Mindbody is trying to help with their new Flex membership. The membership gives customers access to an array of live stream classes from various boutique studios. Sign up for the waitlist to gain early access.

Actions white-people can take to dismantle racism in fitness

Black fitness professionals share how their white peers and people in leadership positions within the fitness industry can take actions to help move the needle towards a more diverse, equitable and inclusive industry. Many of the same professionals weigh in on health club diversity efforts in this article as well.

­ƒôê  Financial Highlights 

  • Which Spice Girl is this? Sporty Spac Files for IPO: Sports Entertainment Acquistion is a SPAC company seeking to acquire another company and take them public. The firm is made up of former NFL and NHL executives.

  • Academy Sports looks to graduate to the public market: The Texas based sporting goods store is looking for a $500M public offering.

  • New Quarter, Same Story. Peloton crushes earnings: Sales rose 174% and the firm announced a major upgrade to their bike and a less expensive treadmill. 

  • Tonal gets beefed up with $110M: The Peloton and Mirror competitor says that sales are up 12X this year.

  • Long Beach, California-based Zwift, operator of an online gamified fitness platform that provides indoor riding and running workouts immersed in virtual worlds, announced it has raised $450 million in a Series C round led by KKR.

­ƒÆ╗  Job Postings 

Sr.Product Manager, Health @ FitBit

Product Manager, Inclusion @ Peloton

Brand Strategy Manager @ Peloton

Operations Manager @ Tempo

Sr. Product Manager, Health & Wellness @ Walmart

Data Insights @ Equinox

Growth Marketing @ ClassPass
 

­ƒÿ£. FitX Fun Facts

Pepsi wants to lull you to sleep with their new drink, Driftwell, which contains L-theanine and magnesium, which have been linked to the ability to help users unwind and relax. Let us know if you give it a shot!


Feedback, thoughts, or partnership ideas for us? Send a note to Sonja.