ClassPass CEO Fritz Lanman reveals how a company built around indoor group fitness classes is surviving the pandemic by betting big on virtual classes
- As fitness companies struggle to stay in business amid the pandemic, ClassPass has stayed afloat thanks to its ability to evolve quickly, launch new revenue streams, and prioritize the needs of its customers.
- Within ten days of statewide shutdowns, ClassPass launched a live-streaming platform that allowed its partners to offer virtual classes. A month later, the fitness startup was streaming 50,000 classes a week from 4,000 studios around the world.
- Though the company has taken a sales hit from eschewing commissions and disabling recurring monthly fees for members, ClassPass CEO Fritz Lanman told Business Insider its part of a long game strategy toward its initial public offering.
- “We’re really lucky that we’re well capitalized to weather the storm and we have the resources that we need to build the company that we want to build,” Lanman told Business Insider.
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