The announcement comes ahead of a three-way merger with Forest Road Acquisition Corp. and Myx Fitness Holdings that’s set to close in the second quarter.
The combined entity will be named Beachbody Co. and will be listed on the New York Stock Exchange under a new ticker symbol, BODY.
The transaction, which valued the combined companies at $2.9 billion, was announced in February.
In the first quarter, Beachbody’s $226.2 million in revenue includes $95.2 million in digital subscription sales, a 52% jump, and $131.1 million for nutrition products, a 23% increase compared to the first quarter of 2020. Connecticut-based Myx Fitness’ revenue grew 2,733% to $17 million during the same period.
“Upon the completion of the merger with Forest Road and Myx, we are poised to accelerate growth as we invest the proceeds of the transaction to further unlock value from our unrivaled fitness content library, our large and growing community of subscribers, and synergies through the combination with Myx,” Carl Daikeler, Beachbody’s co-founder, chairman and chief executive, said in a statement.
“Today, we have 3.2 million total digital and nutritional subscriptions, a deep content library and a 22-year track record of growth. As we embark on this next chapter, I have never been more excited about the future of our company and the opportunity for us to bring our differentiated health and wellness offering to millions of people worldwide,” he added.
Beachbody operates several at-home fitness platforms, including Beachbody on Demand, branded “BOD,” and Openfit, which sell subscriptions to online fitness classes, as well as the recently launched BODi live interactive workout service.
The company also sells weight loss supplements and oversees a network of more than 400,000 Team Beachbody coaches that sell subscriptions to its workout programs and nutritional supplements.
Myx Fitness, meanwhile, makes the MYX, a line of stationary cycles, and along with the launch of BODi, will enable Beachbody to compete with Peloton.
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