Fitness businesses worldwide have been devastated by the pandemic Covid-19. Even prior to government issued restrictions on our way of life to prevent further outbreak of the virus, gyms and fitness companies were announcing temporary – yet indefinite – closure.
Around the world the closures have plunged millions working in the physical activity sector, both business owners, employees and the self-employed, into immediate financial uncertainty.
While many businesses have adjusted or frozen their memberships to retain clients, others have opted to hosting their classes online. For example, Hotpod Yoga, another fitness franchise with over 50 locations across eight countries ,announced it would close all of its studios as of March 17, while simultaneously declaring their plans to live stream classes for members to keep practicing from the comfort and safety of their homes.
Despite the very immediate threat to fitness businesses to close extinction, the digital workout market has experienced a boost with consumers flooding to online, at-home solutions and investors betting on a change in engagement.