At-home workouts have exploded as the coronavirus pandemic shifted wellness routines from gyms and parks to living rooms and balconies. The latest proof: the blowout earnings from at-home bike and streaming fitness subscription company Peloton Interactive, which crushed earnings estimates this week and said it expects demand to stay strong into 2021.
For the $94 billion fitness industry to stay afloat amid the widespread closures of core bricks-and-mortar studios and gyms, it’s has had to pivot, relying more heavily on virtual connectivity for community and revenue. For studios operating in New York and New Jersey, the time to reopen has finally come. Governors Andrew Cuomo and Phil Murphy have approved the reopening of fitness studios.
Regardless of state approvals, fitness brands like Equinox — which closed all club and showroom locations in mid-March — are not rushing back into studios, according to Executive chairman Harvey Spevak, who cited the group’s “high standards” in his plan. Equinox has relied on the company’s team of medical and infectious disease experts, in coordination with local health officials, to determine when best to reopen.