Forest Road Acquisition Corp. and The Beachbody Company Group LLC announced combined financial results for Beachbody and Myx Fitness Holdings, LLC for the first quarter of 2021. Results reflect continued strong revenue momentum and levels of customer engagement and retention at Beachbody and Myx.

“The results for Beachbody and Myx this quarter reflect the continued strong customer response to our dynamic and compelling content and holistic fitness and nutrition offerings. This performance demonstrates the relentless commitment to innovation in digital fitness and nutrition that we have honed for the past 22 years,” said Carl Daikeler, Beachbody’s co-founder, chairman and chief executive officer. “We have built a truly differentiated subscription health and wellness company, predominantly funded by the cash flow from the business historically. Upon the completion of the merger with Forest Road and Myx, we are poised to accelerate growth as we invest the proceeds of the transaction to further unlock value from our unrivaled fitness content library, our large and growing community of subscribers, and synergies through the combination with Myx. Today, we have 3.2 million total digital and nutritional subscriptions, a deep content library and a 22-year track record of growth. As we embark on this next chapter, I have never been more excited about the future of our company and the opportunity for us to bring our differentiated health and wellness offering to millions of people worldwide.”

First Quarter 2021 Combined Revenue Highlights
Combined results for Beachbody and Myx for the three months ended March 31, 2021, as compared to the three months ended March 31, 2020, were as follows:

  • Total revenue was $243.3 million, a 43 percent increase;
  • Nutritional and other revenue was $131.1 million, a 23 percent increase;
  • Digital revenue was $97.5 million, a 56 percent increase; and
  • Connected fitness revenue was $14.7 million, an increase of more than 20x.

First Quarter 2021 Key Performance Indicator (KPI) Highlights
For the three months ended March 31, 2021, as compared to the three months ended March 31, 2020, key metrics were as follows:

  • 3.2 million total subscriptions at Beachbody, a 39 percent increase and a record high for total subscriptions;
  • 95.8 percent month-over-month digital retention at Beachbody, a record quarter result and a 100-basis point increase;
  • 56.9 million total streams, a record for first-quarter streams result and a 71 percent increase;
  • 35.1 percent DAU/MAU2 for Beachbody, an increase of 510 basis points, reflecting its highest digital engagement; and
  • 11.3 thousand connected fitness equipment bikes sold by Myx versus 1.1 thousand bikes sold in the first quarter of 2020.

Strategic Updates

  • Beachbody continues to capitalize on distribution opportunities, including its recently announced relationship with Fitness International, providing LA Fitness, Esporta Fitness and City Sports members the ability to add Openfit subscriptions to existing gym memberships;
  • Beachbody is elevating its live and on-demand digital fitness experience through an agreement with Feed.fm’s B2B music licensing subscription service. As part of its recently announced interactive premium tier for Beachbody on Demand, users will be able to follow a trainer’s curated soundtrack for a workout or select from multiple genres; and
  • Beachbody’s most recent launch, Let’s Get Up! reached one million streamed views in one month, second only to #MBF, which reached one million streamed views in 25 days in Q320.

Three-Way Merger with Forest Road and Myx
Beachbody expects the three-way merger between Beachbody, Forest Road and Myx to close inQ221. The combined company will be named The Beachbody Company and listed on the NYSE under a new ticker symbol, “BODY”.

Photo courtesy Myx