By Meg Flippin, Benzinga
Tis the season to indulge and set resolutions for the New Year. If losing weight, getting in shape or improving your overall health and wellness is on the list, then The Beachbody Company Inc. (NYSE: BODY) may be able to help. The health and wellness company that now goes by BODi has been offering consumers on-demand subscription-based fitness and wellness programs for over twenty-five years. It also sells Shakeology, a premium nutrition shake with five powerful superfood blends for whole-body health.
Both offerings can help consumers get in shape in the New Year, a goal topping many peoples lists. A recent Forbes Health/OnePoll found that close to 48% of respondents said improving fitness was a top priority. It's not only to look good. Research consistently points to the positive health benefits of exercise. Fitness can improve your brain health, help you manage weight and reduce the risk of diseases, according to the Centers for Disease Control. Even with weight loss drugs like Ozempic exploding in the marketplace, there is still a need to build strength and muscle tone, which is why the market for online/virtual fitness is set to grow at a CAGR of 32.7% through 2032, becoming a $250.7 billion market. In 2022, the market was worth just $14.9 billion.
BODi, which recently revamped its digital platform, is making it easier for consumers to jump on the fitness train. Through its new subscription tier BODi Previews, potential customers can sample more than $59 worth of BODi content for free including popular workout programs P90X, Insanity, 21 Day Fix and #MuscleBurnsFat. Users also get access to nutrition guidelines and personal mindset content.
What BODi thinks makes it so appealing is that users arent required to provide a credit card to access the free content. All they have to do is provide an email and then they can sample the programs before committing. The company is also offering a two-week sample called The 14 Workout Challenge, which gives users a taste of some of its popular programs. BODi is also launching a limited version of BODi Previews on YouTube, providing access to a wider audience. Combined, those efforts could prove beneficial for the company, given it's timed perfectly for the new year.
"We believe in balancing growth with profitability in our mission of helping people improve their overall health esteem. BODi Previews is not only about expanding our reach; it's about reaching more people while also driving revenue streams that support our long-term vision," Carl Daikeler, co-founder and CEO of The Beachbody Company said when announcing the new subscription tier. By leveraging the power of BODi Previews, the Company is poised to unlock new revenue streams, fortify its financial position and propel the health and wellness sector into a new era of accessibility and profitability. Whats more, Daikeler said the company believes the new tier will drive a higher conversion rate of visitors to paying subscribers while at the same time attracting new prospects to the platform.
So far, BODis efforts appear to be paying off. Since revamping its platform earlier this year, subscribers continue to renew from the former Beachbody on Demand subscription to the new BODi subscription at a rate of 60%, surpassing its original expectations. Premium digital subscriptions for BODi grew 27% in the third quarter from the second quarter. All told, BODi has over 900,000 paying digital subscribers as of the end of the third quarter, and with an emphasis on boosting marketing and sales, it could continue to grow.
Fitness is on the minds of millions of people as we ring in 2024. Getting healthy and in shape is made easier thanks to digital offerings like BODi, which gives fitness enthusiasts a risk-free approach to reaching their New Year goals.
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