work out woman in sand with smartphone

The Fitness Industry Exercises its Creativity

Innovative Solutions

Gym closures across the country have forced Americans to get creative with at-home workouts. Kitchens have turned into yoga studios and books have turned into weights. Instead of meeting to go for runs or take exercise classes, friends are working out together on Zoom (ZM).

Gyms have also found innovative ways to connect with their clients at home. Spin class companies, like Flywheel and CycleBar, have had to close down their studios but are renting out bikes for customers to use at home. ClassPass, a subscription service which gives users access to a variety of gyms, is offering over 50,000 on-demand workouts each week, ranging from kickboxing to yoga.

Though many charity races and walks have been canceled this spring, some fitness companies are finding ways for people to help their communities by working out at home. Fitness app NEOU recently hosted a Fit-a-Thon to raise money for Operation Food Fight, a group that provides meals to healthcare workers fighting coronavirus.

Financial Hardships for Gyms

Despite the fitness industry’s resourcefulness during the pandemic, some companies are facing severe financial difficulties. On Monday, Gold’s Gym, which has 700 locations worldwide, announced that it filed for chapter 11 bankruptcy protection. 24 Hour Fitness has also suffered during coronavirus lockdowns, and is reportedly considering bankruptcy options.

Equinox Group, which also operates Blink Fitness, SoulCycle, PURE Yoga, and other brands, failed to pay April rent for more than 300 of its locations.

Looking Ahead

As the weeks of quarantine workouts go on, fitness companies and their customers are beginning to wonder what impact this period will leave on the way people exercise post-pandemic. Habits formed and equipment purchased during quarantine may be here to stay.

Fitness equipment sales have surged by 170% since coronavirus lockdowns were put in place. Peloton (PTON), a company that makes stationary bikes, saw its revenue increase 66% from a year ago. Sales of other luxury at-home fitness equipment like Mirror, Regatta, and FightCamp are also up. Less pricey options for at-home workouts—like the Obe Fitness app, or the wildly popular free YouTube (GOOGL) channel, Yoga with Adriene—are also gaining millions of new fans.

Though at-home fitness is surging, brick-and-mortar gyms are also thinking about how to reopen safely once lockdowns lift. Equinox has said it will scan all members with a thermal camera when they enter. Orangetheory will require everyone to wear masks while they exercise. Some people will likely be excited to get back to the community that a physical gym offers. Others, however, may be wary of returning to crowded spaces for some time, or may decide that they like the privacy, flexibility, and cost-effectiveness of sweating it out at home.

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.

All your finances.
All in one app.

SoFi QR code, Download now, scan this with your phone’s camera

All your finances.
All in one app.

App Store rating

SoFi iOS App, Download on the App Store SoFi Android App, Get it on Google Play

ABOUT SoFi SoFi helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing, and protecting give our more than one million members fast access to tools to get their money right. SoFi membership comes with the key essentials for getting ahead, including career advisors and connection to a thriving community of like-minded, ambitious people. For more information, visit Want an easy and convenient way to manage your financial life? Get the SoFi app. For iOS and Android.

TLS 1.2 Encrypted
Equal Housing Lender