![]() ![]() While virtual workouts and health tracking apps can help users maintain an exercise routine while also practicing social distancing, an increasingly crowded space means app operators must put more resources behind acquiring and retaining app users, something Under Armour, whose sales are lackluster, may not have been prepared to do. ![]() In addition, exercise equipment company Peloton, which also offers virtual workouts, has emerged as a formidable competitor, reporting sales growth of 172% to $607.1 million in its last quarterly report.Įven as gyms are gradually reopening at reduced capacity following lockdowns that severely hampered revenue, fitness enthusiasts continue to seek ways to get exercise while limiting in-person contact. Meanwhile, sportswear giant Nike continues to see success with record usage for its Nike Training Club and Nike Run Club apps, helping to support its digital commerce growth. Under Armour's sale of MyFitnessPal and the pending shutdown of Endomondo mark its retreat from the fitness app category, which is about to get more competitive as Apple later this year launches its Fitness+ service that will be integrated with the Apple Watch. The firm has raised more than $24 billion and invested in more than 300 technology companies during its more than 20-year history, per the announcement.
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