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Virtual cycling platform leads innovative fitness trend. Read more on the impact of technology on fitness.
Zwift, a virtual cycling and training app, was recently featured on Bloomberg. The article highlights the growing popularity of Zwift among avid cyclists and e-sport racing enthusiasts. Zwift's platform allows users to connect their bikes to virtual races through a mobile device, computer or Apple TV, making it a convenient alternative to outdoor cycling.
Co-founder Eric Min, who previously worked as a Vice President at JPMorgan Chase & Co., has plans to increase the subscriber base to 10 million, up from its current 1 million users. The company has received $620 million in funding from investors including KKR & Co., Permira Holdings, and Amazon’s Alexa Fund, giving Zwift a market value of over $1 billion.
Zwift's focus is on the highly competitive athlete, and users can race on fantasy routes in virtual worlds such as Watopia or re-created world championship courses. The app's monthly subscription charge is $15, and the company is considering locking users into annual memberships.
Zwift is still growing and its ambitions to scale up include expanding into indoor running. Although the pandemic led to a restructuring of the business and job cuts, Zwift has the capital to weather any challenges in the current uncertain market. Data from fitness-tracking app Strava showed that the number of Zwift users on the platform is growing at a faster pace than the number of overall cyclists.
The Bloomberg article delves into the features and growth of Zwift, providing a comprehensive look at this innovative and dynamic company. If you're interested in learning more, you can read the article here.
