Beachbody Lays Off 10% of Workforce as Sales Slow

Beachbody

After making its stock market debut amid soaring demand for at-home fitness options, Beachbody is adjusting to the new normal.

The latest: A digital fitness brand and owner of connected equipment maker MYXffitness, Beachbody reported Q4 and full-year 2021 earnings on March 1, 2022.

$BODY

  • The digital fitness brand saw Q4 revenue decline 4% YoY, with year-end revenue up 1% compared to 2020 and 16% over 2019.
  • Net loss was $228.4M for FY2021, compared to $21.4M in 2020 and net income of $32.3M in 2019.
  • The company’s subscriber base totaled 2.54M, down 3% compared to 2020, but a 50% increase compared to 2019.

Reorg. Like Peloton and iFIT, Beachbody is restructuring to lower expenses — the company laid off 10% of its workforce in Q1’22. Additionally, after its SPAC merger with smart bike maker MYXfitness, hardware sales have slowed, presenting new challenges going forward.

Further streamlining the business, Beachbody will implement a “One Brand” strategy, unifying its digital and connected fitness efforts under the Beachbody namesake.

2022 outlook. The company is forecasting Q1 2022 revenue of $170–180M. Still, it has a long road ahead to hit the $1.47B in 2022 revenue it pitched investors ahead of going public last year.