Core values: Fitness market continues to innovate despite stock market correction

Share price woes mask underlying strong revenue growth for home fitness brands with subscription numbers outpacing pre-pandemic expectations.

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Despite high-profile share price collapses the top eight home fitness stocks have witnessed strong revenue growth over the past two years (17% CAGR), attracting the attention of entrepreneurs and investors looking to capitalise on changing consumer attitudes to health and wellness.

Sector leaders such as Peloton, Lululemon and Garmin have collectively seen close to $90B wiped off their peak pandemic valuation but have successfully established recurring revenue streams through subscriptions. Peloton’s revenue has increased from $1.2B in 2019 to $4.1B in 2021 with two thirds of that income attributed to monthly access to its platform. Similarly, in September 2020 virtual cycling community Zwift achieved ‘Unicorn’ status with a $450M Series C funding round. As pandemic restrictions are relaxed these changes in consumer behaviour largely remain. Connected fitness, digital health communities and health and nutrition coaching start ups therefore continue to drive change in this market.

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