Want to learn more about Escape Fitness and invest in quality functional equipment? Click here to download our catalog! escapefitness.com/catalog (US version) escapefitness.com/catalogue (UK version) ======================================================== 0:00 Intro 4:55 Fitness industry ‘flexes’ & fails’ in big tech 9:15 Nike’s entry into the fitness industry and potential partnership with Apple 13:33 Tech fails and flexes in 2022, including AR, VR and connected fitness 15:58 Fitness industry ‘flexes & fails’ in small to medium 22:25 Fitness industry investment and valuation 31:00 Fitness trends and gym etiquette 37:03 Predictions for big tech in 2024 42:12 The role of AI in fitness, data analysis and personalised health 47:09 Predictions of mid-sized companies 53:47 Mental health and longevity 56:15 General trends for 2024
Re Anthony's comments about Nike's move into the sector, I see this hanging in the balance and am not convinced it will be a success. 2024 will show how robust this strategy is and whether it's more than smoke and mirrors. The studios are simply a reskinning of existing facilities and so the success of this will depend on whether Nike can scale it and control the way its brand is represented, given the experiences will be delivered through third party partners. Having launched three locations last year, there are no announcements yet about more. Nike Strength equipment is already being discounted and is getting mixed reviews from expert users when compared with competitors' products. So the jury is out on whether this will be a success. The announcement that Nike will hire 1,000 instructors has gone quiet and there's not much sign of progress on this. Instructors aren't even shown as an application category on the Nike job portal yet. I hope this move by Nike into the experience economy works, as it will drive growth in the health and fitness sector and engage a new generation of consumers, but the company had a poor year in 2023 in terms of its share prices, so there will always be a pull back to focusing on selling sportswear that could distract from this new direction. I'm looking to Nike to be transparent about what it's doing, as well as being consistent and visible, so these initiatives don't end up looking like a series of grandstanding announcements followed by a retreat. Nike already done great things in community sport and so I'd also hope to see all this work integrated into a new consumer-facing fitness division that becomes a valid part of the sector. Nike's hard year with share prices mean these announcements haven't landed that well with investors yet, so it needs to really commit if it's going to drive success.
This is really interesting. I didn't know any of what you write having only been generally aware of what they were up to. I'm surprised they are using third parties to run the studios.
Totally agree Liz. We will watch with interest this year to see how it all develops. We would love to have you as a guest on the L.I.F.Ts podcast with Mo and Matthew :-)
Liz, excellent insights. We filmed this episode in early December and looking at how Nike ended the year, you are spot on. Nike has had a history for trialing concepts and products before pulling back. In addition to what you mentioned, they also did a series on Netflix with no new content in the pipeline.
Want to learn more about Escape Fitness and invest in quality functional equipment? Click here to download our catalog!
escapefitness.com/catalog (US version)
escapefitness.com/catalogue (UK version)
========================================================
0:00 Intro
4:55 Fitness industry ‘flexes’ & fails’ in big tech
9:15 Nike’s entry into the fitness industry and potential partnership with Apple
13:33 Tech fails and flexes in 2022, including AR, VR and connected fitness
15:58 Fitness industry ‘flexes & fails’ in small to medium
22:25 Fitness industry investment and valuation
31:00 Fitness trends and gym etiquette
37:03 Predictions for big tech in 2024
42:12 The role of AI in fitness, data analysis and personalised health
47:09 Predictions of mid-sized companies
53:47 Mental health and longevity
56:15 General trends for 2024
Re Anthony's comments about Nike's move into the sector, I see this hanging in the balance and am not convinced it will be a success.
2024 will show how robust this strategy is and whether it's more than smoke and mirrors.
The studios are simply a reskinning of existing facilities and so the success of this will depend on whether Nike can scale it and control the way its brand is represented, given the experiences will be delivered through third party partners.
Having launched three locations last year, there are no announcements yet about more.
Nike Strength equipment is already being discounted and is getting mixed reviews from expert users when compared with competitors' products. So the jury is out on whether this will be a success.
The announcement that Nike will hire 1,000 instructors has gone quiet and there's not much sign of progress on this. Instructors aren't even shown as an application category on the Nike job portal yet.
I hope this move by Nike into the experience economy works, as it will drive growth in the health and fitness sector and engage a new generation of consumers, but the company had a poor year in 2023 in terms of its share prices, so there will always be a pull back to focusing on selling sportswear that could distract from this new direction.
I'm looking to Nike to be transparent about what it's doing, as well as being consistent and visible, so these initiatives don't end up looking like a series of grandstanding announcements followed by a retreat.
Nike already done great things in community sport and so I'd also hope to see all this work integrated into a new consumer-facing fitness division that becomes a valid part of the sector.
Nike's hard year with share prices mean these announcements haven't landed that well with investors yet, so it needs to really commit if it's going to drive success.
This is really interesting. I didn't know any of what you write having only been generally aware of what they were up to. I'm surprised they are using third parties to run the studios.
Totally agree Liz. We will watch with interest this year to see how it all develops. We would love to have you as a guest on the L.I.F.Ts podcast with Mo and Matthew :-)
Liz, excellent insights. We filmed this episode in early December and looking at how Nike ended the year, you are spot on. Nike has had a history for trialing concepts and products before pulling back. In addition to what you mentioned, they also did a series on Netflix with no new content in the pipeline.
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