This week’s roundup features the six factors driving growth in the fitness industry as noted by the CEO of Crunch Fitness along with news from SoulCycle, Technogym, and Myzone.
Fitness Industry Roundup: 6 Reasons the Industry Is Booming
Crunch Fitness CEO Ben Midgley identifies six key factors driving growth, SoulCycle launches a concert series, and the IHRSA Passport Program gets an upgrade.
The growing popularity of healthy food is boosting the fitness industry.
In a Forbes’ article, Crunch Fitness CEO Ben Midgley identifies six key factors driving growth in the fitness industry, as reported by The 2018 IHRSA Health Club Consumer Report. The report found that over 20% of American adults are members of a health club—a number that is forecast to grow. One contributor is health insurance costs and the push by insurers to incentivize exercise by offering subsidized memberships, according to Midgley. In the same vein of prevention, he added, the boom in health foods and popularity of fitness tracking wearables are also contributing to the overall attitude on health. The last three reasons are all tied to easier accessibility to health clubs and exercise groups, Midgley noted, as more budget-friendly gyms are popping up, exercise classes are on-demand on any device, and the “weekend warrior” craze is still attracting crowds to outdoor obstacle courses.
IHRSA 2019 Keynote Speakers Announced
We’ve lined up four inspiring keynote speakers for the 38th Annual IHRSA International Convention & Trade Show in San Diego this March. This year, we’ll hear from Chris Riddell, futurist and digital technology expert; Mel Robbins, author and entrepreneur; Rohit Bhargava, author, brand strategist, and owner of the Non-Obvious Company; and Denise Lee Yohn, brand expert, consultant, and author of FUSION and What Great Brands Do. Learn more about IHRSA 2019, which also features the fitness industry’s premiere trade show, a variety of educational sessions, plenty of networking events, and more.
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Drumroll please... We're excited to announce the #IHRSA2019 keynote speakers! This year, we'll beinspired by futurist @chrisbriddell, entrepreneur @melrobbinslive, brand strategist @rohitbb, and brand expert Denise Lee Yohn. Learn more about the speakers and find the full convention agenda at ihrsa.org/convention. (Link in bio) . . . . . #fitnessindustry #ihrsa #fitnessevent #gyms #healthclubs #fitnessbusiness #fitfam
SoulCycle Turns Up the Volume on Music Offerings
The trendy indoor-cycling brand has announced that it will turn some of its rides into live music concerts. SoulCycle has created a new media division that aims to bring live acts into the studio in an effort to keep up with other “experiential” events, such as ClassPass’ Getaways. The first live music event will be in New York City with electronica duo Louis the Child before heading to Las Vegas in November and across several U.S. cities in 2019. Along with the concert/exercise hybrid classes, SoulCycle will offer in-class concert tracks, playlists, and original audio on Apple Music. “We say internally that it’s never been about a bike. It’s always been about our rider and creating an experience for them. The bike was just the vessel,” said CEO Melanie Whelan.
Technogym Looks to the Future Amid Growth
Founder and CEO Nerio Alessandri announced earlier this month that Technogym will build on its sustainable growth plan by focusing on content creation, including live and on-demand training programs. The announcement came as the company released a stellar half-year revenue report. Technogym saw a 3.6% profit growth, mostly in the North American sector, which was propelled by newly released equipment, the press release notes. With plans to grow organically from within, in place of acquiring other business, the company will be “working on our digital platform and intelligent displays, filling them with new content” for a more fulfilling user experience, Alessandri told Reuters.
IHRSA Passport Program Goes Mobile
One of our top-ranked member benefits is about to get even better. We’re excited to announce that the IHRSA Passport Program is going digital in 2019. We’ve teamed up with TrainAway, whose free, convenient, and user-friendly app will give members of participating IHRSA facilities access to a worldwide network of health clubs when they travel. Using the app, members of enrolled clubs will be able to save 25% when purchasing a one-day pass from IHRSA Passport clubs worldwide. Note: Even if you're already participating in the IHRSA Passport Program, you must enroll through TrainAway to continue providing this benefit to your members in 2019.
Myzone CEO Named in Top 50 List
The U.K.-based LDC and The Telegraph newspaper came together and named Dave Wright as one of the Top 50 Most Ambitious Business Leaders, Myzone announced in a press release. Wright joins a list of impressive entrepreneurs and business leaders who have made waves in their respective industries. “To build a global wearable company in under seven years is an incredible achievement,” said David Bains, investment director from the LDC. “The fact that Dave has done it with no external funding, while consistently making a profit, is a testament to his entrepreneurial prowess. He has some ambitious goals for the business, and has the strategies and passion to make it happen. We have the feeling that Myzone is just getting started and we can’t wait to see where the business goes from here.” Bains is right on the mark, as Myzone has also launched a new website as part of its growth plan.
IHRSA Needs Your Input on Employee Compensation
We launched a survey to gather information from top North American health clubs to uncover trends on employee compensation and benefits packages on nearly 60 different job titles. The survey will aggregate base salary, wage data, health insurance, retirement plans, and vacation time. To participate, please complete the Health Club Employee Compensation & Benefits survey by Monday, October 29. For participating, clubs that are IHRSA members will receive The 2019 IHRSA Health Club Employee Compensation & Benefits Report free of cost. The survey uncovers pertinent information. For example, the 2017 report found that general managers are paid an average of $89,000 in base salary and full-time social media specialists an average of $23.30 per hour.
Rachel Valerio is the Digital Content Assistant for IHRSA. During the workweek, she is discovering exciting fitness industry news, staying on top of IHRSA's social media accounts and website, and hatching new plans to expand the association's digital footprint. Rachel's free time is mostly spent on pampering her cat, attempting new recipes, planning trips to visit her family in the Southwest (aka stock up on green chile), spending more time on the hyrdromassage bed than the treadmill at the gym, and exploring all things New England.