Multiplex gyms will change business models to accommodate reopening: Mindbody CEO
Mindbody Founder & CEO Rick Stollmeyer joins Yahoo Finance’s On The Move panel to weigh in on consumer behavior and booking trends as more states look to reopen wellness services.
JULIE HYMAN: We have been seeing a lot of people go online for their workout needs during this pandemic. What's interesting is how many of them might stay that way. We are joined now by Rick Stollmeyer. He is the CEO and founder of Mindbody. Now, this is a platform, an app that allows you to book wellness and fitness classes.
And Rick, thank you for joining us. You're joining us from California. You guys did some research, and you found that while 93% of consumers plan to return to their previous workout routines once places open back up, 43% plan to incorporate a virtual element. And that's really a big change here. Were you surprised by that finding?
RICK STOLLMEYER: I'm not surprised at all, Julie. You know, this trend of virtual wellness, the ability to deliver via on-demand and streaming video and audio has been going on for several years. I mean, we're all aware of Peloton and Mirror, platforms like that.
Certainly, the COVID crisis has rapidly accelerated. I think the larger question in our mind, would-- would people return to the bricks and mortar offline experiences? And so we're very pleased to see, as you said, the vast majority of folks that are pursuing wellness activities plan to go back into those businesses, but now they're going to be supplementing it with the virtual activities as well.Read More