Beachbody, the at-home fitness company based in Los Angeles, California merges with Myx Fitness Holdings and Forest Road Acquisition Corp. Myx Fitness sells smart bikes and exercise equipments. Forest Road Acquisition Corp, is a Special Purpose Acquisition Company (SPAC). These publicly traded entities exist for the sole purpose of raising money to acquire other companies.
Investors see at-home fitness as more than just a passing phase accelerated by the pandemic. Rather, they believe that this trend will continue on long after lockdowns and social distancing.
Beachbody boasts $2.6 million subscribers to their streaming and other wellness services. One can argue that Beachbody, well known for it’s famous P90X exercise package, de-stigmatized and made yoga mainstream. P90X combines HIIT workouts with yoga all taught by Tony Horton.
This merger puts Beachbody in direct competition to Peloton. With the combined deal valued at $2.9 billion, the plan is for Beachbody to trade publicly under the ticker BODY in the NYSE.
Big tech wants in on the health and wellness space, such as Apple with Fitness+. Not to be left behind, influencers are also coming out with their own apps and streaming services such as Kayla Itsines’ Sweat and Kino McGregor’s OmStars. These apps, although headed by an influencer, include other teachers and voices.