After completing product development with $100M+ from over 400 investors in its technology platform, FORME (NASDAQ: TRNR) is ready to commercialize it’s game changing at home fitness offering.
There is a big innovation push within the made for consumer fitness equipment market. The evolution of fitness machines has been taken to new heights by the tech sector and smart home gym connected hardware have been the latest rage.
Imagine having the perfect gym and your own, real personal trainer (not AI) and if that gym wasn’t across town, but in your living room. FORME is offering just that and this emerging company is connecting consumers with personal trainers and introducing a new way to train from home.
The company has created an all-in-one smart home gym designed to connect people with real, elite coaches in all areas of fitness and wellness, including personal training and specialized sport instruction, nutrition, sleep, mindfulness, and injury rehabilitation.
FORME’s smart home gyms have been recognized by major fitness publications in 2023, such as Men’s Health, Shape, and Good Housekeeping as the best in at-home fitness.
The company recently went into mass production of its smart home gym products and is raising capital to fund commercialization and rapid growth.
Peloton revolutionized the fitness industry by bringing the cardio gym to the home… newly traded FORME (NASDAQ: TRNR) is creating a brand-new health and fitness evolution!
The U.S. health and fitness industry is booming and is showing no signs of slowing down anytime soon. Staying healthy and looking good will never go out of style and the pandemic forced more people to take their health routines at home. This evolution changed the at home fitness market considerably and created a market for FORME to thrive in.
This puts the spotlight on FORME (NASDAQ: TRNR), a newly public digital fitness company that combines award-winning smart home gyms with 1:1 personal training (from real humans).
The company has a goal to deliver an immersive experience and better outcomes for BOTH consumers and trainers.
The combination of stay-at-home exercise and socially distanced socializing has led to a “new normal” in health and fitness. The home-fitness equipment business grew by 170%, and fitness app downloads grew by 46% worldwide.
The Peloton (NASDAQ: PTON) brand (which has a 3.5B+ market cap) became a household name, and other similar products like the Mirror, Hydrow, and Tonal also entered the market, backed by celebrity endorsers.
There have always been proponents of at-home workouts, but the justification for many to avoid the gym is now more profound than ever since the pandemic. This will undeniably affect the popularity of gyms moving forward and emphasize the growing at-home workout arena.
This is an exciting time to pay attention to FORME’s stock (Nasdaq: TRNR), as the company is now ready to commercialize after a recent IPO!
In the last five years, FORME has raised $120M from investors during development. The money from its IPO will help the company transition to rapid growth as it forges ahead with its commercialization efforts.
Wellness Services are Gaining Share and Coaching Services are Just Starting to Digitize.
In fitness, nearly 70% of spending has historically been weighted toward products rather than services, according to McKinsey. However, wellness services and apps are gaining ground. According to McKinsey, in 2022, approximately 45% of consumers intend to spend more on wellness services or app-based wellness services over the next year, while approximately 25% intend to spend more on fitness products.
Health coaching can often result in optimal fitness outcomes because coaches offer expert guidance, accountability, and motivation, but the Company believes that these services have historically been inaccessible to many due to cost and lack of convenience. The company believes digitization can lower the cost of personal training and health coaching, primarily due to lower distribution costs relative to gyms. Further, digitization can increase peak capacity and utilization for service providers, and increase convenience for clients.
The design and technology of the platform enables members to engage in a virtual yet truly immersive training experience, whether through On-Demand classes or through Live 1:1 personal training services.
The company’s VOD content library and instruction and health coaching services are accessible via download or streaming through its connected fitness hardware products, as well as via streaming through the Studio app.
They are offered at different price points depending on format and, in the case of Live 1:1 training, personal training services, depending on the needs of the member and the experience level of the personal trainer.
Household trends, work from home, and the rise of mobile technology make it challenging to balance time between family, work, and personal health and wellness, resulting in increasing demand for convenient fitness options. Digitization increases convenience of fitness options for consumers, enabling them to train from home and increasing flexibility to schedule with trainers from different time zones. Trainers are increasingly becoming attracted to digital platforms as well. Digital platforms reduce the time spent on traveling to clients, while value-added tech tools increase efficiency and effectiveness. According to the Personal Trainer Development Center, nearly 83% of trainers plan to offer virtual services compared to 40% of trainers prior to the COVID-19 pandemic.
Growth Strategies – Increase Uptake of Add-on Services Through Compelling Member Experience
The company intends to increase uptake of its add-on memberships and services by providing a compelling member experience focused on introducing members to the variety of services available on its platform and specifically, the value-added benefits of its coaching and personal training offering. believes their ability to provide service offerings at several price points will serve as a valuable lever for growth by increasing overall service revenues over time.
The company’s financing programs have successfully broadened their base of members by attracting consumers from a wider spectrum of ages and income levels.
A Big Addressable Market
Over the five years to 2022, revenue for the Personal Trainers industry is estimated to rise at an annualized rate of 1.9% to $12.3 billion, including a 0.2% increase in 2022 alone.
At-home fitness has really expanded its reach in the last two years, with 85% of those surveyed by GoodFirms emphasizing “the importance of emotional, mental, and spiritual health to promote overall physical wellness and quality of life.”
Successful brands should seek ways to incorporate their products into a broader scope of wellness, looking at all forms of healing.
Companies like (NASDAQ: TRNR) with the vision to adapt, innovate and diversify health and fitness, stand to gain loyalty by bringing consumers more choice, more flexibility and more direction in how to train.
Growth Opportunity – Strength is Bigger than Cardio and Just Beginning
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