TWIIK presents at Mangold Insights Investor Day: The sights are set on increased recurring revenue and new digital fitness products
On 22/9, Twiik's CEO Anders Gran attended Mangold Insight's Investor Day to talk about the company and the way forward. The focus is developing more distribution channels through customers in the enterprise segment, but also on additional digital fitness services. Something that should provide further growth and increased stability for the company.
CEO Anders Gran presented Twiik and the company's way forward during the Mangold Insights Investor Day in Stockholm. Among other things, he highlighted the role of technology in getting more people to live an active life, how gyms and fitness concepts have an important role, and how consumer expectations force today's healthcare players to act.
In many ways, the pandemic fast-tracked the development of the digital fitness industry. It is now a fact that the fitness of the future is hybrid - a mix of digital and on-site exercise. But many gyms do not have the resources required to develop the kind of digital products and services that members demand, which paves the way for players like Twiik who solve this particular challenge.
Twiik creates digital fitness experiences and has the technology to distribute them anywhere, anytime, anyway
By offering a wide range of digital fitness experiences and services, Twiik can fulfill gyms' needs to offer and monetize digital and hybrid fitness in a flexible way. The technology is mature and can be applied to almost any infrastructure, via apps or via Twiik’s API.
"We have built the foundation for a platform with the aim to reach as many consumers as possible - in as simple a way as possible. In order to reach profitability, a first step has been to invest properly in our platform development. In 2023, we will focus on launching new innovative concepts and scaling distribution. The goal is increased recurring revenue, more distribution channels, and an increased geographic footprint." says Anders Gran.
After the presentation, Anders Gran received questions about, among other things, the fragmented competition but also the market potential. Twiik has, via its digital platforms aimed at the gym and health industry, connected a large part of fitness operators in the Swedish market who either use the company's digital fitness products or the technology platform.
"Somewhere around 30-40% of Swedish gyms are connected to Twiik in one way or another, but we don’t really see why it couldn’t be 100%," says Anders Gran, with the diverse service portfolio in mind.
The online and hybrid fitness industry is predicted to grow by an average of 49% until 2026*. Through increased health awareness in recent years, Twiik has been able to expand its business in the digital fitness industry.
Twiik has gone from a turnover of 2.3 million in 2019 to 12 million in 2022. The recurring revenue during December 2022 of SEK 4.5 million more than doubled compared to the same month in 2021. Now the company is accelerating its B2B business with the goal of becoming profitable during the year.
See the full presentation here (in Swedish): https://youtu.be/QDmX2Bs3xmk
*Source: https://www.einnews.com/pr_news/570750250/online-virtual-fitness-market-growth-to-thrive-at-rate-49-with-the-rising-penetration-of-smart-devices
