The Rise of Social Fitness Apps
Social media and fitness often go hand in hand. With the rise of fitness influencers and workouts being posted online, to progress pictures becoming inspirational to viewers. But what about when you combine the two? Social fitness apps are becoming a bigger, more intrinsic part of the fitness community.
According to Allied Market Research, the global fitness app market is projected to reach $120.4bn by 2030, growing at a CAGR of 24.3% from 2021.
Strava: The Network for Athletes
Strava, labelled the ‘network for athletes’ was founded by Mark Gainey and Michael Horvath in 2009 as a way to recreate the feeling of training with your friends as motivation. A person is even crowned King or Queen of the Mountain or Course Record, signifying the top performer in a given segment, harnessing the competitive spirit of fitness enthusiasts.
The company’s CEO and co-founder, Michael Horvath, said at their flagship event in 2023, “Strava has always been about harnessing the power of other people to motivate you to be more active.“
Strava has proven to be a successful brand, with a global community of more than 100 million active people and 750,000 clubs.
The Power of Community in Social Fitness Apps
In a 2016 study by Matthew A. Andersson and Nicholas A. Christakis, the pair found people who work out in group sessions feel more accountable than people working out solo, and therefore are less likely to skip workouts. A ‘we’re all in this together’ approach maintains motivation for continued fitness. Perhaps this is why social fitness apps are becoming increasingly popular.
Fitness brand Peloton was founded by Joe Foley in 2012 and has scaled to include classes, bikes, an app, accessories, apparel, and treadmills. The company ended 2023 at a value of $2bn with 6.4 million members globally.
Amanda Gilmore, general manager of Peloton UK and expansion, said in an interview with Business Leader’s editor-in-chief Graham Ruddick that the community of Peloton has happened gradually.
Community “maybe wasn’t part of the original ideation,” she says, “but it has organically happened over the life of the company. When it comes to churn rates, we have some of the lowest across industries at 1.5%.“
Peloton: A Community-Driven Fitness Brand
Marketing data and analytics business Kantar reported in late 2022 that 78% of respondents believe the social and community aspects of fitness apps make it easier to partake in healthy habits, like continued exercise.
Is Social Fitness an Investable Space?
So, is social fitness really an investable space, or is it simply another fad in the plethora of other social media apps out there?
The fitness industry is growing, and finding a community of like-minded people is becoming increasingly important in a world seemingly intent on becoming more remote and separated.
Whether this seems like a safe industry to invest in or a shot in the dark over whether the popularity of social fitness apps will continue, the fact stands that this is a growing industry with a multitude of different apps like Runtastic, MapMyFitness, and Fitbit constantly adding features to master user experience.
*”Life is inherently risky. There is only one big risk you should avoid at all costs, and that is the risk of doing nothing.” – Denis Waitley*
Analyst comment
Positive news. The rise of social fitness apps is driving growth in the global fitness app market, projected to reach $120.4bn by 2030. Social fitness apps like Strava and Peloton are increasingly popular due to the power of community, making it easier for people to stay motivated and accountable in their fitness goals. With a growing industry and constant innovation, investing in social fitness apps is a promising opportunity.
