Podcast Notes Key Takeaways

• ClassPass is a monthly subscription membership where customers can spend virtual currency on a variety of fitness and wellness experiences, from a regular gym to cryotherapy to yoga, in fitness centers around the world
  • It currently has a billion-dollar valuation with lots of growth indicating much more upside and secular trends pointing toward an increased focus on fitness and wellness
  • “The industry desperately needs an aggregator. Most industries have an aggregator to help them fill excess capacity and I think the model we landed on is a really elegant one.” – Fritz Lanman
• The effects of the coronavirus have been devastating to the fitness industry
  • “We saw 95% of our gyms and studio partners having to close their locations down” – Fritz Lanman
• ClassPass has operations in China, Singapore, and Hong Kong so they got their first taste of the coronavirus before most of the American fitness industry
  • “We saw reservation volumes collapse and then rebound so we thought every Western government would what those countries, countries like Taiwan and Korea, are doing and just emulate those responses” – Fritz Lanman
• The future of fitness will be a mix of both brick-and-mortar and digital in Fritz’s eyes
• “I don’t think there’s some structural shift that’s going to favor only digital versus offline. In fact, we’ve seen demand is incredibly resilient for offline, and probably more so after people have been locked up in quarantine.” – Fritz Lanman
  • “There’s just nothing like the immersiveness of having that community, equipment, that intimate atmosphere, the camaraderie, and the instructor interaction” 

Read the full notes @ podcastnotes.org

Today I’m joined by Fritz Lanman the CEO of ClassPass. 

 

In this episode, we talk about why the company changed its business model and pricing over the years. The opportunity for growth in areas like corporate benefits, wellness experiences, and streaming workouts. What makes ClassPass worth $1B. And Fritz’s plan to take the company public. 

 

Let’s get into it. 

 

More from Fritz >> 

 

Fritz Lanman is the CEO of ClassPass and previously served as Executive Chairman. He has been involved with the company since 2013 when he led both the Seed and Series A financing. In addition to his role at ClassPass, he is an active angel investor who backed Square, Pinterest, Wish and several other companies. Before ClassPass, Fritz founded Livestar, Verst and Doppler Labs and worked in Product Management and Corporate Strategy at Microsoft.

 

Website: https://classpass.com/

 

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Fitt Insider is a weekly newsletter and podcast about the business of fitness and wellness. 

 

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