In this episode, Eric Malzone and Anthony Vennare provide updates and reflections on the fitness industry, discussing trends, predictions, and insights. They revisit previous predictions, highlighting the evolution of movement health, industry consolidation, and the importance of integrations. Vennare shares updates on Fit Insider, including new partnerships and services like sponsorships, newsletter updates, and a jobs board. They delve into emerging trends such as outdoor activities and recreational sports, emphasizing community engagement and the challenge of monetization.
[00:00:00] Hey, everybody. Welcome to the Future of Fitness, a top-rated fitness industry podcast for over
[00:00:07] four years and running. I am your host, Eric Malzone, and I have the absolute pleasure of
[00:00:12] talking to entrepreneurs, executives, thought leaders, and cutting-edge technology experts
[00:00:17] within the extremely fast-paced industries of fitness, wellness, and health sciences.
[00:00:23] Please stop by FutureofFitness.co to subscribe and get our interviews with summaries delivered
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[00:00:42] Thanks for listening and on to the show.
[00:00:48] Hey friends, Eric Malzone here. I've had the honor of interviewing over 750 professionals across
[00:00:55] the fitness, health, and wellness industries. There's one thing I know for sure. Without a
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[00:02:20] All right, we are live. Anthony Venere, welcome back, my friend.
[00:02:24] Going on. Good to chat again.
[00:02:25] It's always a pleasure. I love the work that you guys do at Fit and Insider, both you and
[00:02:30] your brother Joe, and it's just cool to do these roughly once a year catch up with you
[00:02:34] and get your insights and see what's shaking. We obviously talk more often than that, but
[00:02:40] the same kind of thing I always say about you guys. I really respect what you built
[00:02:44] over there at Fit Insider. I think you guys produce a ton of value for the industry,
[00:02:48] and as a content creator and media guy myself, I always look at what you guys do.
[00:02:56] I'm like, man, they're always hustling. They're always innovating,
[00:03:00] they're always looking for ways to make the dream work. I appreciate about that about
[00:03:06] you guys. Anyway, I'm going to stop fluffing you up here a little bit, and we'll get into
[00:03:11] what we're going to talk about. First of all, for people who expect what we're going to talk about
[00:03:17] is I want to get an update on everything Fit Insider. You guys had a great new partnership
[00:03:22] announced with eGym, which I think is really exciting. I like you guys. I like eGym.
[00:03:26] That would be fun because last year or at the end of 2022, we did some predictions
[00:03:31] for 2023. I want to review those and see how those actually went. I think a lot of times,
[00:03:38] so far I've seen too many podcasts and things about the recap of 2023 or the future of 2024,
[00:03:47] but I want to go back and actually see how we're doing in these types of conversations.
[00:03:51] That'll be pretty fun. Let's do this, Anthony. I'll stop talking. Give us an update on all
[00:03:55] things Fit Insider. What's new with you guys over the last year? Obviously, you're
[00:03:59] continually to build, but give us some insight on what's going on.
[00:04:03] No, I appreciate that. Lots of happenings on 2023 for us, especially at the end of the year.
[00:04:08] As we talked about before, we set out to change the way that I think our industry,
[00:04:13] but in general, B2B Media operates. For us, it's always been ads and pay-to-play and
[00:04:18] just a different type of thing that we don't like to do. We didn't think it really added
[00:04:22] value to the market. For two years plus, we didn't take an ad. We didn't promote a single
[00:04:28] service of Fit Insider. We didn't take dollars to write anything or do anything. We put out content,
[00:04:34] newsletter, podcast, jobs, board for free every single week. We did that with a lot of stuff
[00:04:40] happening behind the scenes and at the end of the year, we got to actually announce what those
[00:04:43] things were. Big moves with one, we launched sponsorships, which includes the EGEM partnership.
[00:04:50] Just taking on very high-level limited partnerships and sponsorships on the
[00:04:55] newsletters and podcasts. There is still no pay-to-play. We won't write a story about you,
[00:04:59] so you give us money. We won't do any of that, but we have a sponsor for the podcast, EGEM,
[00:05:03] and they're also sponsoring Well-To-Do, which is a company required out of Europe and UK,
[00:05:07] which covers international markets, which we're really excited about the international
[00:05:11] markets and what's changed over there. It's so exciting. Next is the newsletter
[00:05:15] sponsorships, just morning brew, hustle, any newsletter that you probably get anywhere
[00:05:20] has it presented by section that says, this newsletter is printed by this person.
[00:05:24] We launched that, and then we made some really cool updates to the jobs board,
[00:05:27] where again, it's free for everybody. There's thousands of jobs you can post just for free,
[00:05:32] but we added a few other services on top of that, where you can, again,
[00:05:37] sticking to our guns of, it's free for everybody, any company,
[00:05:41] big or small composed. If you want to feature some things, most of the things you do that,
[00:05:44] and then we actually launched a press release service too, which was really exciting.
[00:05:48] We heard a ton from the market that this pay to play of hiding a story behind
[00:05:54] someone giving you money is just terrible, I think. And then on the other end, there's
[00:05:59] press release platforms that PR Newswire, Business Newswire, they just send them out,
[00:06:05] but no one really sees them. We built a curated one. It's for the industry.
[00:06:09] It's approved by me personally, so every story I review and I make sure it fits
[00:06:13] the market, we've only probably approved 60% of them. So we have very strict guidelines and it
[00:06:18] can go on the site and get distributed out there, but it is a press release. It is
[00:06:21] a company sharing that press. It is not some content hidden system where people can try
[00:06:26] to hide stories and things. So all of those new media services are exciting. And then
[00:06:31] on the actual services side, we launched the talent network, which sits underneath our jobs
[00:06:36] board and the recruiting firm. So we are working with a ton of companies right now
[00:06:40] to place people at those companies, high level roles across health, wellness, fitness, active
[00:06:46] lifestyle and recreation. And then we launched the recruiting service or sorry, the consulting
[00:06:51] service, which sits underneath our data and research. Every week I am, the team is
[00:06:58] finding and surfacing new data information, hopefully trends and insights that are kind
[00:07:05] of changing the market, what's going on. And we've built a really awesome team that
[00:07:09] does that. And behind the scenes, we were doing that for a lot of other companies as well,
[00:07:13] we're helping them think through M&A, innovation, strategy, fundraise and go to market. We were
[00:07:19] doing it, but we never wrote it. We just opened that up to more clients in the last
[00:07:23] piece. Sorry, I've been rambling for a sec, but we have the fund. We took on more capital,
[00:07:28] fit capital. We made 35 investments over the past two years, super early stage,
[00:07:32] pre seed, some seed stage companies, we just brought on a good bit of capital for that.
[00:07:36] And we're writing another round of probably 30, if not more checks ranging from like 250 to 750.
[00:07:44] Wow, man. Yeah, so a few things going on, I would say. Right? Yeah. That's incredible.
[00:07:52] Out of all those things, they're all exciting. But what has you the most excited? When you
[00:08:00] wake up in the morning, what gets you really fired up about all of those? And I'm sure
[00:08:04] all of them agree on certain days or certain weeks. But yeah, what do you think has the biggest
[00:08:09] traction moving forward? There's two parts. One is the media. I just love the content we produce.
[00:08:14] I love the way we do it and the team we have is phenomenal. And it's more like I want to be able to
[00:08:21] help the next founder that's looking for that data or the next person that's trying to
[00:08:24] change something or do something, want to be able to surface those things.
[00:08:27] That's not the best business because we really don't charge ads or anything. So
[00:08:30] on the business side, talent men, so many people want to work in our industry, top to bottom.
[00:08:39] Yesterday, I met somebody that was very, very high level at Metta and they're like,
[00:08:44] I hate what I do. I love health and fitness. All I do is work out. All I do is talk about this.
[00:08:49] And I'm like, good, go work at a company that's doing really cool stuff in our space.
[00:08:53] Go work at CrossFit. Go work at Egent. Go work somewhere and actually believe in the things
[00:08:58] you're building. And they're like, yeah, but I'm like, I'm telling you the money is there.
[00:09:02] The opportunity is there. I think people still don't realize that our industry has matured enough to
[00:09:07] where the capital, the money, the salaries, the positions, the brands are big and they are awesome
[00:09:12] and you can work here. And that's what our whole thing is. We recently just hired a new
[00:09:16] head of talent to help stand up this division and the talent network and the jobs board.
[00:09:20] I want what, you know, I think I've said this probably before on the podcast,
[00:09:24] but in my opinion, if you don't have your health and wellness, nothing else really matters.
[00:09:28] Everything else kind of falls away. If you can actually be healthy and enjoy the things you're
[00:09:32] going through, why not work on a company and work at a work somewhere that's doing that?
[00:09:36] So especially for us, it's like health, wellness, mental health, women's health,
[00:09:41] active lifestyle, nutrition, like there's such a big industry. I know the name's fit,
[00:09:46] but it's such a big industry and there's so many cool things you could do. And I just
[00:09:51] want everybody to work in this space, especially really get these talented people that
[00:09:55] aren't within the industry because I think that's what's changing it for the better.
[00:09:59] I'm sick of the same old people saying the same old things, doing the same old things.
[00:10:04] We want fresh eyes, fresh talent in the market doing cool stuff and bringing this
[00:10:10] experience that I hopefully is going to propel the industry forward.
[00:10:13] Yeah. Yeah. Well said. And you know, it reminds me as you were talking,
[00:10:15] I was thinking about daily new CEO, TRX, right? And I got to meet him and interview him this year,
[00:10:23] last year actually. I forget what month we're in. He's like he comes from the Wall Street
[00:10:28] background, right? And he's just super excited to be part of the fitness and wellness industry
[00:10:35] now. Like he just doesn't really even have to work. He's just really excited to be here.
[00:10:39] And then he's pulling together what he calls his team of Avengers, which are like these
[00:10:45] super talented, super successful people from other industries. And they're all coming in because
[00:10:49] they're fired up about the potential to work in fitness and wellness. So I think that's a really,
[00:10:53] I think he really nailed something that's really cool and important. And I love it too.
[00:10:57] I love getting outside perspectives from people who are coming into our industry
[00:11:01] and seeing the opportunities from a different lens, right? Seeing where we may be falling short.
[00:11:06] Like I had Tom Dowd from F-45. You guys had him on. I asked him during an interview,
[00:11:11] where are we doing it wrong? What could we do better? And he's like, man, education.
[00:11:15] Like the consumers need to know how good exercise and health feel. Like most consumers walk around,
[00:11:23] they're just clueless. They're just clueless. And I don't know if it's anyone's fault
[00:11:27] necessarily. I'm sure we can point fingers. But that thing is a lot of people just don't
[00:11:33] know what to do to feel better, understand how important it is for their health and just
[00:11:37] their general happiness level. So I think it's really cool. I thought that came to mind because
[00:11:44] you mentioned Morning Brew and your guy's newsletter. It's kind of shocking to me that email
[00:11:49] is still so potent of a medium to get across good media. Like email's been around forever,
[00:11:57] like seemingly forever. Well, actually, I remember when I tapped my first email,
[00:12:00] I was in college. I went to the computer lab. I'm going to date myself. It was like 1996.
[00:12:05] My brother was doing research in Antarctica. And I couldn't believe that I was sending almost
[00:12:09] instantaneous mail to my brother at the other end of the world, right? That's awesome.
[00:12:14] That's been like, what, 30 years now? And I just feel like this is a weird question,
[00:12:20] but I feel like email has just stayed true and I don't see it going anywhere. I mean,
[00:12:24] do you ever see that medium being replaced by something else?
[00:12:28] I mean, it's the famous Gary V saying that marketers ruin everything.
[00:12:34] And that's why we have been so protective of the email list because I do think what you're
[00:12:41] starting to see is it is becoming less effective over time as people get spammed and sell lists
[00:12:48] and do kind of nonsense and send lots of emails. But if you do it right, I think it is one of
[00:12:52] the most in our open rate is 70%. The audience grows by thousands every month.
[00:12:59] It grows very fast and the open rate is very high. And it's because we do our best. I don't care if
[00:13:06] they click the site, I don't care if they see an ad. I just want to get them their stuff.
[00:13:10] And I think with everything podcast with what you do, like with these other creators out there,
[00:13:15] and if you truly value your community and you protect them, email is insane of a value
[00:13:21] to like, I mean, be able to reach them so fast and with such engagement. It's just crazy. I think
[00:13:28] it's super undervalued. And I also think people are looking at it the wrong way and they're using
[00:13:33] it as like a bullhorn to be able to say things here and there. It's like that's not the value,
[00:13:37] that's not the thing you got to build the trust and engage in and get them to
[00:13:43] want to engage with you. And if you do it that way, man, it's the only thing we care
[00:13:49] about truly as a value for like what we do. You see like how we do the site, how we do that
[00:13:53] stuff. Like that's awesome. The audience is amazing there. But you know, all we focus on and protect
[00:13:58] is like the core value that is built the businesses we have and some of the ones that
[00:14:02] we could talk about later that we're adding on to and everything it's all from that email,
[00:14:06] which kind of funny because it started as me sending a Gmail to five firms.
[00:14:10] But like being protective of that market, the fund, the companies, the services, the
[00:14:16] everything exists solely because of the fitness out of newsletter.
[00:14:20] Yeah. Yeah. I mean, email just seems to stay strong and you own it, right? I mean,
[00:14:24] I'm sure you know Pat Rigsby. I've worked with him on and off for a number of years.
[00:14:30] He wrote the Little Black Book of Fitness Business Success and I read that like back
[00:14:34] when I was just starting my gym. And dude, that guy emails his list every day and has
[00:14:41] done so for 15 years. Every day, 15 years, maybe more. It's unreal. And he's built a whole
[00:14:49] like a very good business, right? Very solid business just on email marketing and he's very
[00:14:53] good at it. It's definitely got his own style. Anyway, that was a bit of a segue.
[00:14:57] Okay, let's get into this component that I want to talk about the most. So
[00:15:01] we released a podcast together on this show back in November, it was 22nd of 2022.
[00:15:10] And we were kind of looking at 2023 and projections, right? So let's see how they went.
[00:15:15] Here's the first one. And I'm just reading this summation off my newsletter that I released.
[00:15:18] So I have an email newsletter to people if you want to go to futureoffitness.co and subscribe.
[00:15:23] Really appreciate it. So consumer fitness continues to shift from studio fitness to
[00:15:28] active lifestyle in caps, active lifestyle. The hub of individuals fitness and health is no
[00:15:33] longer the gym. It's the consumer herself, active lifestyles and include a blend of outdoors,
[00:15:38] recreational sports and traditional gym routines will continue to grow.
[00:15:41] Those that sort out how to serve and monetize will grow as well. So active lifestyle,
[00:15:46] how'd that do in 2023? I mean, the stats are there looking just at one active lifestyle
[00:15:53] pickleball, but pickleball paddle run groups, gravel cycling, trail running.
[00:15:59] And then the hub and spoke model too of like the consumer is at the center of this and
[00:16:04] everything they can access, whether it's about them being outdoors in the gym at home, whatever,
[00:16:11] you got to kind of talk to them where they're at. I feel like that's obviously the future of not
[00:16:14] just fitness, but everything is this consumer centric availability and what do people say?
[00:16:20] It's omnichannel, but in reality, it's like adapting to what the consumer needs. But yeah,
[00:16:24] I think it's still going honestly. I was just on another podcast talking about this,
[00:16:29] and I still think consumers spending their time and money, I mean, look at all trails was
[00:16:33] after the year. Like it's a hiking app that was after the year last year. It's just crazy to
[00:16:39] think about like how impactful that has comparative to just a couple of years ago or now you have to
[00:16:45] buy asses ahead of time and register your car to go to certain state parks and national parks
[00:16:51] because they are so busy. There's so many people are camping and hiking and being outside.
[00:16:55] Yeah. Well, that's they went to the past system here at Glacier National Park a few years ago,
[00:17:01] and certainly a lot of people who live around here were very disgruntled with that move. But
[00:17:06] again, we've kind of learned how to work the system and get into the park as much as we want,
[00:17:10] but it is interesting. Now, besides like an app in all trails, how are companies
[00:17:17] monetizing on that trend? Because I mean, it's nearly impossible, right? I mean,
[00:17:22] it's not impossible. I mean, you can have like maybe like some kind of coaching service that
[00:17:27] pulls it all together, whether that's driven by people or technology or AI that kind of guides
[00:17:32] people, you know, that adapts to what they're doing in their lifestyle. But I don't know,
[00:17:35] how do you monetize that? Well, that's why we always hype it up. And we recently put our
[00:17:40] reports around like rocking and how important community is and like run groups and stuff.
[00:17:45] It's one of the hardest places to monetize unless you're selling the products selling
[00:17:50] the maps. It's really not a lot there, which is what I love. You can get up and go outside and
[00:17:55] go around on a trail and go do stuff. So it's more accessible to everybody. But yeah,
[00:17:59] it is really hard to monetize. I've seen some really cool community driven like brands of
[00:18:06] people organizing run groups in different cities. It was originally like November project back in
[00:18:10] the day, but they had some issues and kind of went away or they still there. But
[00:18:13] it's not what it was. But stuff like that events obviously are growing like crazy and
[00:18:19] these event opportunities. And then just selling the product like the team at Go Ruck is dominating
[00:18:23] Jason's the man and like they're crushing it. So but that's kind of the fun of it. And I think
[00:18:28] that's why people are drawn to it. It's so much more accessible to if you're going to go start
[00:18:35] trail running or running or hiking, like it all the time hit the road. And I think honestly
[00:18:42] too what's feeling is like Huberman and Natia and those guys talking about get sunlight,
[00:18:46] get outside, get off your phone, get away from devices. Like here are the things you can do
[00:18:52] that are proven to like race testosterone help like the amount of people I know that they're
[00:18:57] close especially as we've gotten older. They're close friend groups and the people they spend
[00:19:03] the most time with are the guys they cycle with or the guys they run with or the girls
[00:19:07] they run with it's like that is such an important factor. And that like goes to I
[00:19:12] know one of the other ones on the list is third places in community like
[00:19:15] everybody's looking for that. So I love it. But yeah, definitely hard to monetize and
[00:19:19] think you're going to see and we've seen lately a lot of really bad ideas around
[00:19:23] monetization for these communities because they see the dollars and they know these people
[00:19:26] have high household income and they spend money on stuff but nothing's landed yet that I've seen.
[00:19:31] Yeah. And Kudos to Go Ruck too man. They've been around for a while. And I feel like the
[00:19:36] market is really starting to come towards them and they're just in a sweet spot. They're
[00:19:40] set up to really capitalize on that that community outdoor rucking as a category which is you know
[00:19:47] not saying in a way but I'm like us you know hiking with a pack. Yeah. Facebook groups they have.
[00:19:53] Oh it's huge. Like they've been doing it for so long like yeah when I was in the Marines
[00:19:57] it was the thing like in that community came out they had these like their challenges where
[00:20:03] us like 2010 walking around the city of Pittsburgh carrying logs like 20 other people
[00:20:10] and it was such a weird thing at the time and they're still doing it. So I mean I love that type
[00:20:15] of stuff that kind of grind mentality of always doing it. And now Jason with like the CrossFit
[00:20:19] partnership super smart. Yeah. Yeah when I had my CrossFit affiliate we kind of became I don't
[00:20:24] know what it was like a Go Ruck partner or Go Ruck affiliate and it was pretty cool to do
[00:20:29] some of those community events. Okay moving on next category. Engaged underserved audiences
[00:20:36] boomers seniors generation Z kids etc. These are typically underserved and considerably large
[00:20:43] percentages of our population that many savvy businesses are looking to activate and engage.
[00:20:49] So how'd that go in 2023? Who who started to capitalize on that potential movement?
[00:20:55] Yeah lots of companies targeting older population both for fitness and wellness and health
[00:21:02] and then kind of the social side of wellness as well. A lot of really cool companies I think
[00:21:07] who was it? Was it bold to just raise a bunch of money age bold forever fit and like the mighty
[00:21:15] health and yeah they're crushing it for those older populations and then it kind of tags
[00:21:21] into like the broader trend of like longevity that's health span and longevity is can you
[00:21:26] tell me every single person is talking about longevity and health span extension
[00:21:30] that's what it is and then I mean Gen Z how many times have you seen articles and headlines and
[00:21:36] quote them for reports of like Gen Z wants to do this or that for fitness and wellness and health
[00:21:40] and they care about mental health and food and whatever else and I think everybody started
[00:21:44] in them. We see what consumer spend power they have and what interests they have and they are
[00:21:50] very much if you look at the trend of them with creators online and fitness and being
[00:21:57] you know filling these big box gyms like Alphaland and those types of gyms in
[00:22:02] big markets as well as just mental health and wellness and starting to understand like food
[00:22:08] systems and the the food side of things crazy opportunity still. This episode of the future
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[00:23:26] now on to the show uh you know on the flip side we talked about underserved but who do you think
[00:23:31] is the most served populations typically within our our industry over the last you know a few
[00:23:36] decades it's uh we call it like the young professionals like 20 well probably now kind of
[00:23:45] touches on the older gen z's but it's like you know 28 to 45 and then the goes to anyone that has
[00:23:54] a money in that realm of people so it's millennial right in the heart of millennials right now
[00:23:59] and they make over a hundred thousand dollars a year they are targeted for every which way
[00:24:03] a product for wellness and that is that is the wellness economy right now yeah kind of like
[00:24:07] the metabolic demographic right yeah yeah interesting okay uh well next one you just
[00:24:13] alluded to it the year uh we're looking at 2023 is the year of wellness third places similar to
[00:24:20] what starbucks did in the 90s meeting the consumer demand of having a healthy place to relax
[00:24:26] recover re-energize is a powerful trend in emerging sector very exciting area I just
[00:24:33] talked to dr jonathan leary I'll be releasing that podcast pretty soon you know gosh we can
[00:24:38] name all of them right pause well I'll let you take it like how how do you feel that went in 2023
[00:24:43] I mean it's it's my favorite thing like other ship pause there's a ton of companies building
[00:24:50] really cool stuff over in london in in UK and europe remedy place jonathan's been dominating
[00:24:56] lately yeah it touches on the growth of like contrast therapy hot and cold the trend that's
[00:25:04] happening there but then bringing back this you know or bringing it I mean it's always been around
[00:25:10] bringing more to the forefront think like bathhouse type mentality of like get together relax feel good
[00:25:18] spend time with your community like I'm a huge fan of the robbie when he's doing another ship
[00:25:21] and they're open in the new york location soon and I mean the the revenue they're
[00:25:25] doing through their facilities the the communities the events they like thousands of people show up
[00:25:30] for polar plunges and things like that it's awesome and it's really cool to be able to target this
[00:25:36] you know it is health it is wellness but it's it's not I don't have to go work out I can relax
[00:25:40] I can recover I can feel better I can do that versus I have to go meet my cycle group or one
[00:25:48] group like I can and other people can come around I I have two distinct groups of people
[00:25:53] that I hang out with and some of them for workouts some of them for hanging and I feel like
[00:25:57] everybody comes together around this one like we can all go to and a buddy of mine in Pittsburgh
[00:26:03] owns a couple float studios call and they have the floats and then hot and cold in these
[00:26:07] contrast rooms on victory float and I've hung out with so many people and different types of
[00:26:14] people that would typically not hang out together because of oh let's all go do this and it's
[00:26:19] super cool yeah it is and you know it's funny like in my community here polar plunges have been
[00:26:25] around forever right like we have one on Saturday it's the whitefish winter carnival which is
[00:26:30] the most ridiculous fun thing ever and you know we cut a hole in the ice people dress in costumes
[00:26:37] they run and jump in the lake and it's just you know a cool cool plunge experience and what
[00:26:41] I've noticed we don't have any designated wellness third places as we would categorize
[00:26:46] in our discussion here but we do you know like the sauna is packed at my at my gym and health club
[00:26:51] we only have one major health club here and it's it's packed all the time and everyone's talking
[00:26:56] about huberman like literally you're sitting there people are talking about rogan and huberman
[00:27:00] right it's hysterical like it's awesome she's so funny I mean here's here's my concern about
[00:27:05] that I don't know not a concern I guess doesn't really keep me up but are the consumers willing
[00:27:10] to spend a gym membership and a membership at one of these third places like do you think I mean
[00:27:16] there's only a certain percentage of people would have that type of disposable income but do you think
[00:27:20] this is scalable to the degree where like a lot of people will have two memberships to these things
[00:27:27] well that's kind of before we jumped on we were talking about like digital versus jam and
[00:27:32] the same tired conversation around are people gonna work out at home or go to the gym it's
[00:27:35] like that's not the conversation the conversation is aid sleep whoop or uh at home equipment gym
[00:27:43] active lifestyle pickleball paddle you have memberships and clubs you go to an equipment you buy
[00:27:47] there I'm running races I'm running marathons and I want to do hot and cold and I want to do
[00:27:53] recovery and I want to do some version of if I'm going stretch life mobility I have the
[00:27:58] pliability app and I'm going and getting a sports facility and you know maybe I want to do an
[00:28:03] ivy like the it's the wellness economy now and no people can't pay for all that most of them
[00:28:09] I mean that target download to pay for everything's great but I think a lot of people can't and
[00:28:13] that's where you're starting to see gyms that are just stacking it was in this week's newsletter
[00:28:18] they just went out it was stacking different valued services and offerings together or
[00:28:23] partnering to make those things available to everybody and I think that's going to be
[00:28:27] the biggest issue it's not where I the battle is not for my dollars is not at home versus
[00:28:33] the gym or digital versus the gym it is I am at the center of the wellness hub and I can
[00:28:38] spend my money on anything I want and there are an ever growing list of things that I can spend
[00:28:42] that money on and how can gyms compete with that or at least some variation of like a basic
[00:28:48] studio versus this versus that versus everything else and that's where I think the fitness
[00:28:53] industry specifically has to get super creative and stop acting like they're you know God's gifts
[00:29:00] to the universe by just hoping in a gym like you got to do more and you got adapted
[00:29:04] that and I think it's an awesome and as someone who's owned a bunch of gyms like I think it's
[00:29:08] a super cool opportunity and I Joe and I fight daily like man we should open gyms again like
[00:29:12] this is such a fun time like what's happened with community and there's like there's just
[00:29:18] so much unreal opportunity out there so yeah it's going to get continually crazy and with the
[00:29:24] amount of pitches information we see on a daily basis man I'm excited for it yeah it's it's
[00:29:30] funny every once in a while I'll get excited about a concept and I'll my wife will get home
[00:29:34] and be like hey what do you think about opening a gym she's like don't you remember like the
[00:29:40] last two years at gym I'm like yeah I'm like I remember being really happy all the time
[00:29:45] she's like no no you weren't happy all the time never a bad day right you weren't stressed eating
[00:29:50] your food at like 9 p.m. at a gym like sitting on a plyo box like shit this is this is insane
[00:29:56] Joe's what Joe's wife that's her job every time like him and I call him I'm like oh let's do this
[00:30:00] I just just run drove by this space and you can hear his wife in the background like no don't
[00:30:04] do it yeah yeah I just remember a lot of times like my night's ending with me you know doing
[00:30:09] the floor cleaner right that scrubber with a beer on it at like 10 o'clock at night just
[00:30:14] me like what I have to be back here in like six hours this is anyway that's obvious to us
[00:30:22] what it's it's uh it is interesting you know to quote kelly star at he was on the show he's like I
[00:30:28] think the thing that concerns me is sometimes we get the blinders on our industry because
[00:30:32] we've done a really good job over the past few years in keeping people in our vertical
[00:30:36] super healthy and optimized right but sometimes like the general population is so left behind
[00:30:42] and a lot of it to me is just you know I'm sure you talk about these terms like accessibility
[00:30:46] is a big thing for for a lot of people like I yeah I mean that that's the only
[00:30:51] thought I have is like I think we can get carried away in our industry with all these
[00:30:54] really cool stuff because we love it we're super into it right but I think most of the time
[00:30:59] like stuff like as you mentioned like pickleball could be the answer to a lot of issues in
[00:31:04] our country of just getting people a little bit more active and doing something fun and
[00:31:07] community driven so yeah that's that's my only hesitation in that category
[00:31:12] all right great it's I think we've probably read about 10 different times now and it's
[00:31:17] the wellness we call like wellness inequality and like all of the most of the products and
[00:31:22] services that you see that are raising money and growing the average consumer especially
[00:31:27] nowadays with how the income inequality is growing like they're not going to be before
[00:31:31] these things or do these things that's why I'm such a fan of the first point on
[00:31:34] active lifestyle and I think you know the life changing event of joining a free run group in a
[00:31:40] community is insane and with our last business like we got to see that every day and we were on
[00:31:45] the ground in Pittsburgh and Cleveland and Detroit and wherever and it's like these second
[00:31:49] tier cities and areas where you know they don't have some of the nice gems or if there is
[00:31:54] you know those opportunities it's it's country clubs and other things that most people would
[00:31:58] never go to but then there's you know even us we would put on for years we put on a free
[00:32:03] yoga event every Sunday in downtown Pittsburgh where thousands of people would come do yoga for free
[00:32:10] and it was some of the coolest experience people coming and doing yoga for the first time and like
[00:32:14] we first started we had to pay and convince instructors to do it and by the end of it
[00:32:18] they were fighting to get a spot because they were on stage in front of all these people and it
[00:32:22] was like a was like a community engagement like in my own tool for their studios because
[00:32:28] it was showing people this thing that they've never experienced and they had diversity of those
[00:32:32] types of events where you see the types of different people super super cool so yeah I think it's
[00:32:38] it's still a problem with our our industry and then it comes to the other side of like
[00:32:42] you hear people talk don't eat seed oils don't do this don't do that and you're like
[00:32:45] there are a lot of people working 50 60 hours a week and you you there's this weird judgment
[00:32:51] of how people you know look at somebody who is overweight or has issues and they're not healthy
[00:32:57] and active and their family and their kids eat this way or whatever and not saying that this
[00:33:01] isn't a problem but to say you can't do seed oils it's those funny tiktoks of like somebody I can't
[00:33:08] eat eggs I can't eat seed oils I can't eat lettuce I can't do this I can't eat that because there's
[00:33:12] always some influencer telling them they can't eat this or that and they're like I'm just trying
[00:33:16] to get by man like what the heck is going on here but I totally agree and I think it's a
[00:33:21] big problem for our industry not just fitness but like wellness and nutrition and otherwise
[00:33:25] like we gotta figure something out and there's some really cool companies trying to solve that
[00:33:30] so hopefully it works yeah yeah it is uh it's interesting I mean one one of the ones and
[00:33:35] we don't have to get it because it could be really controversial but like when they start doing
[00:33:39] like Meatless Mondays at schools in public schools that kind of annoys me because people
[00:33:43] forget like and however you stand on vegan, paleo, carnivore I don't care but like you
[00:33:48] can't deny the meat is some of the most nutritious food that you can get and when
[00:33:52] you start to take away that from schools and like sometimes this is the best meal
[00:33:56] that a lot of kids will get in public schools you know is their lunches and we start to take
[00:34:00] that away and it just seems so out of touch right with with the common you know person
[00:34:06] or common American that it can be it could be a little too much but okay next one mindful
[00:34:12] movement represents the uptrending sector that focuses on movement health and those seeking
[00:34:17] to feel better in their bodies so mobility soft tissue recovery computer vision so
[00:34:23] you know I'm sure like the pliabilities the ready states you know all the mobility and
[00:34:27] recovery tools out there uh things like that computer vision so you know a sensei stuff like
[00:34:33] that so what do you what do you say on that how did how'd that go in 2023? I mean massive growth
[00:34:39] and still I think just getting started it's like the you hear it so many times not from these
[00:34:43] people like movement is medicine it's actually on the fit inside of shirts that we hand
[00:34:46] we give people that have been on the podcast and stuff like seeing that it's not a
[00:34:51] it's not as much about this trend of where fitness is not as much about looking better as it is feeling
[00:34:56] better and like being able to eliminate back pain and you know help with so many ailments that
[00:35:03] the average American has it's not about being fit per se it's about movement in the movement
[00:35:10] health and understanding how to move in your body and for me like I've gone through a lot of
[00:35:14] different health stuff over the past couple years I went from oh I'm gonna max lift I'm
[00:35:19] gonna do this I'm I'm Olympic weightlifting I'm competing for this or that to like man I'm watching
[00:35:25] Kelly's I'm on Kelly's app and I'm just trying to move and feel better and I think it really
[00:35:32] has changed my life at least and I think you're starting to see people if not you know how they
[00:35:37] approach fitness in general like the trend of people using these apps are going with these
[00:35:43] coaches or like if you think about knees over toes guy and like the growth of what he's done
[00:35:48] and those types of people even if it's just improving how you feel day to day or getting
[00:35:52] you better so you can lift or train more people opening their eyes to movement health is super
[00:35:58] cool and like we invested in a company called Mover who's doing some assessment stuff that
[00:36:02] they're integrating with apps and the we invested in recover athletics it sold to Strava
[00:36:06] and what they were doing the movement and recover nobility and pre-hab for runners and
[00:36:11] the growth that those guys have seen now internal at Strava it's awesome yeah yeah and
[00:36:16] shout out to Aaron DeJeong I've been talking to him for like six years kind of following how
[00:36:20] they're doing at Mover so it's cool to see the evolutions and him you know hitting the market
[00:36:25] right okay well cool I love the category too you know I uh 47 now and movement health has
[00:36:32] become you know a really important thing I'm still not consistent with it as much as I like
[00:36:37] but the fact that I know kind of what I like to do now in my life you know I've narrowed
[00:36:42] it down to three or four things and I just want to do those for as long as I can and that that's
[00:36:47] the goal now which is like I could give a shit about my strength numbers I mean it's something to
[00:36:51] monitor right and things like that I just don't care anymore you know I just want to be able to
[00:36:56] enjoy the things that I want I think that's uh I don't think I'm alone in that either okay fun
[00:37:01] I gotta say this a quick tip for the movement health I'm standing desk and I have a baseball
[00:37:06] click counter and I yeah you know munges squats movement stuff in the morning
[00:37:11] and have like a little routine of my desk routine who told me to do this stretches movement
[00:37:16] squats lunges all of those things um and I have the counter that like sits in my face that I know
[00:37:22] I don't hit my numbers if I don't see the number on the thing and been doing it consistently for
[00:37:27] a while now it's been insanely helpful for like day-to-day movement stuff interesting so you'll
[00:37:32] just be see I have a stand-up sit down type situation too so every time you get up and you
[00:37:38] you do like 10 lunges you just click 10 times or you just have a certain amount of things that
[00:37:42] you got to hit every day yeah lunges squat side lunges certain stretches and you do them
[00:37:49] through this counter and I have a little like check sheet on my desk and I'm like god it's only
[00:37:53] at 50 and I know I need to get to 100 so I gotta go through and do this and I'm terrible with
[00:37:57] habits and it's actually worked yeah what is that there's a term for some of that now is like
[00:38:02] movement nuggets or movement uh exercise snacks jailholder exercise snacks yeah yeah yeah
[00:38:09] jailholders man and he his shirts are cool and now it's all about exercise snacks and so true
[00:38:14] his actual content on instagram and everywhere else is really cool too yeah you know what I'd
[00:38:19] like to do is in those rare cases where I get to where I take a phone call over a zoom
[00:38:23] which I'm really trying to do this year more is like take a phone call versus sitting in
[00:38:26] front of my screen because then I can like at least walk up the stairs up and down the stairs
[00:38:31] in my house or you know do something just even just moving around the house or you know around
[00:38:36] the house outside is just it's it's really it's so much more energizing than just sitting
[00:38:42] in front of a zoom for six hours it's crazy yeah same I don't take calls any unless it's
[00:38:47] like we're presenting something we're taking walking calls especially the new iPhone update has
[00:38:52] that voice isolation where it blocks background noise you can go out and walk and when do you're
[00:38:57] not otherwise and yeah I mean that's how I'd say my exercise day to day now is I walk
[00:39:02] I get my steps in I do my desk stuff and I try to work out where I can yeah it's uh it's like
[00:39:10] call it the the coach's journey or it's like uh maybe you know I've talked about this but
[00:39:14] I've talked to numerous people about it on this show in between it's like you start out
[00:39:18] as a coach right and you you learn a couple things and you think you know everything right
[00:39:24] so like in CrossFit it's like oh you learned about you got your Crestfoot level one maybe a
[00:39:28] couple specialty certs in Paleo and you're pretty damn sure that those things combined can solve
[00:39:33] just about any problem out there in the world right and then you start to learn like a little
[00:39:38] bit more like I started to go to OPT's education or started you know extending my
[00:39:42] education I realized I didn't know shit I'm like oh my god and then you go into like
[00:39:46] you know this deep like five-year period of like oh it's just angst and like learning
[00:39:51] you're like oh I'm gonna just rip everything now and start over again and then you get to a certain
[00:39:56] point where like you know what like people just need a walk more drink more water like watch what
[00:40:01] they eat get better sleep and that's about it like the most detailed programming I mean
[00:40:06] isn't really that big of a deal unless it's like the top 1% who need to get you know go from
[00:40:10] 93% performance to 94 and that's that's about it so it's it's just funny hearing people like you talk
[00:40:17] and Rob Wolf and Kelly Stark like all these people I've known forever and they all say the same thing
[00:40:21] right it's like well at the end of the day just move more eat better and sleep that's it crazy
[00:40:27] okay next one it's we just did mindful movement consolidation so deep pockets in industry consolidation
[00:40:34] companies that miss the mark during the venture capital driven frenzy of the pandemic days will
[00:40:39] become more and more appealing for larger companies to absorb under their umbrellas specifically
[00:40:44] some of the biggest names in tech sport and fitness apple nike lu lu lemon will look to buy
[00:40:49] for pennies on the dollar along with opportunistic private equity groups how'd that go in 2023
[00:40:56] uh I think I don't know if it made it with water water just happened with city row and
[00:41:02] Nike ended up not buying but launching and investing an insane amount of money into their
[00:41:07] studios and otherwise yeah definitely consolidation I think a lot of people are holding on from at
[00:41:13] least the founders that we talked to especially like the insanity that was like digital fitness
[00:41:17] connected fitness otherwise there's a lot of people holding on by a tiny little string
[00:41:22] that are just trying to get by so I think more of that now and but also the venture
[00:41:30] doll venture capital you're starting to flow again these family offices are getting
[00:41:34] getting into it and it's the same as last time you see these investments and deals and
[00:41:40] what are we doing here that is terrible the companies you're like I don't know who gave you
[00:41:44] money but my this is insane so yeah definitely happened not to the level that I had thought
[00:41:49] for sure I thought it would be way more in props to the founders and groups that are holding
[00:41:53] on and building these things and pivoting like crazy to make these businesses work
[00:41:56] and unfortunately saw a lot of shutdowns that I thought
[00:42:00] would have been acquisitions but from the conversations I've had these and you really
[00:42:06] started to see this now coming around not just in fitness wellness but the broader market
[00:42:10] realizing who your investors are who your partners are who is on your board because
[00:42:15] these companies that shut down when they should not have shut down and I mean I've even been
[00:42:21] on some boards and involved with companies where you see other investors make recommendations
[00:42:27] and moves and you're like this is that you just don't get the space and I think that's a big issue
[00:42:32] too is a lot of the money that was coming in from people they just don't didn't understand
[00:42:36] industry never worked in it never stopped part of it didn't understand intricacies and
[00:42:40] making bad moves so yeah more shutdowns and mergers and acquisitions unfortunately
[00:42:45] for the industry but definitely think we'll see more of that this year too yeah yeah I always
[00:42:49] wondered I've never raised any capital myself and I'm like you know what if I wonder if
[00:42:56] I can raise a million dollars if I just came up with some kind of loose concept of like technology
[00:43:00] and something like uh if I was just like okay no it's laser guided wellness right and you're like
[00:43:07] whoa lasers wellness like those are really big things and then you know just come to come up
[00:43:12] with a pitch board and a concept I bet I could raise the decent amount of money if I knew who
[00:43:16] to talk to who were outside of the industry right they're like oh we do want to catch this
[00:43:20] trend anyway just definitely by the way 100% goes you think oh what if we did computer vision
[00:43:27] for this and you're like yeah we could definitely it's fine yeah ridiculous it's ridiculous okay
[00:43:34] last one integrations and open ecosystems so described as the android of fitness this trend
[00:43:39] involves content wearable data and much more peloton content offered on apple
[00:43:46] loop data served up directly through strava integrations and cross-platform collaborations
[00:43:51] will continue to grow at escalating rate I feel like that kind of came true it did I thought
[00:43:56] some brands to not be named should have done a better job of that and maybe their stock prices
[00:44:01] would be doing better but definitely happened to the large extent you're seeing it now with where
[00:44:06] your tech knows move in with what e-jams up to with these other groups I was trying to scale
[00:44:10] that up and I think now though I'm not as focused on or I'm not as excited about that as I am about
[00:44:20] the changing modality stuff like fitness in general just like these you know what you're seeing with
[00:44:26] for me at least it's it's an opportunity to if I was building a gym if I was doing these things
[00:44:32] if I was doing at home I don't think I think we can stop talking about connected as much in the
[00:44:37] what's happening there like I get that but me being able to access this thing or that thing on my device
[00:44:44] I mean if it doesn't work I'll just do what I do with my concept to and put a phone on it
[00:44:47] and just watch Shane row that's what I do if I need to yeah I'm just going to watch Shane do a
[00:44:53] YouTube workout or do dark horse rowing or something like the consumer is going to get
[00:44:57] around it anyway so if you don't adapt they're just going to do it anyway otherwise
[00:45:01] this is it like it's not too complicated so I think if they're not already adapting now
[00:45:05] and doing it so we're making it open source they're already left behind yeah yeah that's interesting
[00:45:09] and for people listening to our course rowing has a new app 3999 go check it out yeah that's
[00:45:15] it's it's interesting I mean that the connected thing has just taken a beating right I feel like
[00:45:19] that term just needs to go into the dumpster and never come out again because it just doesn't
[00:45:25] help anymore and it's such a broad category I mean you know what does connected actually mean
[00:45:29] people ask me that like do you think connected fitness is dead I'm like well
[00:45:33] what does that mean is that the at-home connected fitness specifically like
[00:45:37] that particular category you know peloton's in the tunnels or is it like
[00:45:41] digital you know enhancements of current things like it's just a broad category and
[00:45:46] I feel like it needs to get more specific if we're really going to have good conversations
[00:45:50] around it but I don't know what do you think about that yeah I never understood it I don't
[00:45:56] understand how people gave it the money and attention when there has always been work out
[00:46:01] devices in homes with screens and connections of some kind I never I never got it at all so I
[00:46:08] never invested in it as individuals it's why we never you know every article we ever wrote or
[00:46:13] every piece we ever wrote it was always like but this is what's going on like but is this
[00:46:17] gonna we had to like press like follow up with our insights and thoughts like this is not
[00:46:22] what you think it is and I think it'll always be there everyone likes to work out at home
[00:46:27] especially at least from what I see the ideal scenario for every person I've ever met is
[00:46:33] a sick home gym a garage gym that has really cool stuff but again I'm not going to put a
[00:46:39] tonal in my gym and only have a tonal I'm gonna have racks pull up bars concept to
[00:46:45] I will have a stepper I will have a certain device but that's not the only thing I'm
[00:46:50] going to work out on our dealer like I know so many people that love their peloton's and
[00:46:55] that's why I'm still believing the brand if they can stop getting their own way like there's so many
[00:47:00] things they should be doing to because their brand goodwill and the value of the product and what
[00:47:05] they've done had they had the opportunity of a lifetime and they just keep misstepping every
[00:47:09] single day but it's an additive to this whole landscape of what fitness means to this person
[00:47:15] it's not the only thing I'm gonna do so yeah I think connected is relevant now at this point
[00:47:20] like as a fun as like a tournament concept it's just you are a equipment manufacturer you sell in
[00:47:26] in home you sell the wear you sell in apartments you put it in the gyms you do these things you
[00:47:31] provide this content it's like call maybe digital fitness or just fitness in general
[00:47:36] because they're doing it everywhere it doesn't really matter yeah yeah well said okay well
[00:47:40] that's that's it from the recap of 2022 or 2023 predictions I think it was kind of fun
[00:47:45] to go back we do this all the time right we always make predictions or you know
[00:47:48] review and but like looking at it actually what we said one year ago and seeing how that
[00:47:54] came to be it was it was at least interesting for me it's very insightful okay I know you've
[00:47:59] done this at nausea but looking at 2024 just give me one one thing that has you very excited about
[00:48:05] the wellness fitness and wellness industry and then we'll we'll cap it with that yeah
[00:48:10] what can be a unique take on this because so thought fitness and wellness technically but
[00:48:18] obviously is I think the biggest shakeups are going to come from the nutrition sector
[00:48:21] what and how people are looking at obviously everyone and their mother's talking about weight
[00:48:25] loss drugs great so many terrible takes on that uninformed takes oh people are going to
[00:48:31] take those drugs and never go to the gym or they're going to do this or whatever but yeah
[00:48:34] in reality it's not just it's yes that'll have an impact weight loss drugs we get it
[00:48:38] people are going to look for the easy route it's happened since the existence of pharma
[00:48:43] but I think people are starting to wise up to food systems what what they're eating where it comes from
[00:48:51] what it means how they can access things and then realizing too that if if done properly if again
[00:48:57] if they're fortunate to be in a place that isn't a food desert it has access to these things
[00:49:00] like I'm not saying that that's not an issue but they can get food locally they can do things
[00:49:05] better they can support local businesses and farms and areas and honestly in a lot of places
[00:49:11] probably better and comparable parts are cheaper if you can look into it that way so
[00:49:16] I think food systems is going to be the biggest change and how the consumer also understands we
[00:49:22] have the flagships of the tea and human and other and ronda patrick and these other creators
[00:49:27] but we need more people not selling this you know straw man food is terrible for you everywhere
[00:49:34] approach but like informing the consumer what they're eating because for you and I and a lot of
[00:49:39] people in this shape we don't realize that yes it makes sense like how could you not know that
[00:49:44] McDonald's is bad for you and they know that but there's an entire level of stuff beyond fast food
[00:49:49] and doritos that people eat that they don't I've seen I mean you're you're a coach you're a
[00:49:54] trainer on gyms I've had people come be like I mean fat free peanut butter I'm really working
[00:49:58] on we're losing weight and you're like what where did you how does that happen or like uh
[00:50:04] it's it's a funny thing though to think but like I've had that happen to me or oh I'm on
[00:50:10] neutrosystems I'm really trying to lose weight or I'm I'm on this certain diet or like I'm
[00:50:17] it's just crazy so yeah I think informative you know educational content is going to
[00:50:23] start to reach the consumer at mass especially through tiktok and other channels
[00:50:27] and give them the basics and understanding and you see it almost as like this home setting trend
[00:50:32] and these other people that are like I'm gonna make sourdough and I'm gonna do these things and
[00:50:36] I'm gonna access food or I'm gonna find a farmer and buy a cow and it's actually 10 times cheaper
[00:50:40] than buying the meat from the market or how to do these things that is what I'm seeing as a big
[00:50:45] trend and I'm excited to that people can continually just learn about what they're
[00:50:49] putting in their body because I mean as you know we all know it starts and ends with that
[00:50:53] everything else is a bonus if you're not consuming and adapting your you know food to you it's not
[00:50:59] about one diet or one approach and it's not about the meds it's about the general consistency of
[00:51:03] how you're eating and in how you're interacting with food yeah awesome man I love that I hope
[00:51:10] I don't see any reason why that wouldn't be a big trend I mean it's certainly the
[00:51:14] education's out there and I think it's the you know I call it the huberman effect but all
[00:51:18] those people gabriel lions and ronda patrick and all of them you know are people are thirsty for this
[00:51:23] and and they're doing it and it's relatively cost-free so I think that's really cool
[00:51:29] anthony brother it's always a pleasure dude and uh really respect you know what you guys have
[00:51:34] done there love your insights it's really fun to talk about and uh you know besides the
[00:51:38] finn insider website the podcast and you on linkedin anywhere else you want people to go
[00:51:43] no man I appreciate it's really fun to talk and I've been doing this for a long time and
[00:51:47] it's always cool to catch up with somebody that has actually been in the gym as well as
[00:51:51] kind of on the other side of it which is fun to think about both ends and honestly think about
[00:51:56] did you ever imagine being the trainer Joe and I joke about this whole time it's like
[00:52:00] when we were like cleaning the gym floors would we ever be on this side of things I didn't even
[00:52:04] know this would exist so it's really fun to be able to be involved on the space that we're at
[00:52:09] honestly linkedin's a big space for us hit me up there the newsletter and and honestly
[00:52:13] anyone and everyone reach out our whole thing is you're hiring information news access connections
[00:52:20] we want to be the kind of center and ecosystem of the market and and make sure people can get
[00:52:25] the things they need in the in the connections and build their businesses man well like we said
[00:52:30] earlier help this is more matters more than anything and we want to help everybody that's
[00:52:34] trying to build in this space and and give people healthy and do cool stuff make it work so
[00:52:39] reach out anywhere and my email is anthony at fit.co it's the one that newsletter comes from
[00:52:44] your mini-mouth awesome man keep up the great work brother you too man he's a gentleman
[00:52:49] Anthony Baderi hey wait don't leave yet this is your host Eric Malzone and I hope you enjoyed
[00:52:55] this episode of future of minutes if you did I'm going to ask you to do three simple things
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[00:53:32] go to the future of fitness.co you can subscribe to our newsletter there or you can simply get in
[00:53:38] touch with me as I'd love to hear from our listeners so thank you so much this is Eric
[00:53:43] Malzone and this is the future of fitness have a great day