ClassPassFitness subscription startup ClassPass says it still sees a public offering as its 'next major milestone', despite its revenue cratering during the pandemic.
Some studios are unhappy with ClassPass' model, with one studio chief saying the startup gouged his client base and delivered him less revenue.Fitness subscription startup ClassPass still sees an IPO as its next major milestone, despite the fitness industry taking a hammering from the pandemic. "The impact of COVID on the fitness industry has been, in the short term, catastrophic," says Chloe Ross, VP international at ClassPass. "In the space of 10 days, [we] lost over 95% of our revenue. This came at a point at which we were in this incredibly rapid growth phase."
"The industry will recover, and it will recover leaner and stronger as it comes out to this period," says Ross. "The only uncertainty is on what timeframe.""We have been pleasantly surprised with the rapidity at which studios reopen and at which consumers come back to their old routines," says Ross. "[But] obviously it's not come bouncing back yet to pre-COVID levels.
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