The Beachbody Company Group, LLC announced it made a strategic minority investment in Feed Media Group, the company behind Feed.fm, the B2B music licensing subscription service.
Through its agreement with Feed.fm announced last month, Beachbody expects to be able to elevate its fitness platforms by implementing an efficient and cost-effective solution that secures broad access to popular licensed music for its live and on-demand content. The subscription health and wellness platform’s minority investment will assist Feed.fm in accelerating new product development to enhance its suite of proprietary music streaming services.
“There’s nothing more powerful than the right music to help you push to the next level of your workout,” said Carl Daikeler, co-founder, chairman and CEO of Beachbody. “Feed.fm has built an offering that elevates and differentiates the customer experience while mitigating the costs, risks and barriers associated with commercial music access. Our investment in Feed.fm is not only important for the Beachbody and Openfit platforms, it demonstrates our commitment to invest in innovation that serves the entire fitness industry.”
“We’re on a mission to make it easy, fast, and legal for businesses to use music to power great customer experiences,” said Jeff Yasuda, CEO of Feed Media Group. “In partnership with key players in the music industry, we’re finding new solutions that serve all stakeholders: businesses, rightsholders, and listeners. Beachbody’s deep experience in health and wellness and innovative approach to serving customers are a perfect fit for us as we scale.”
On June 24, Forest Road Acquisition Corp. will host a special meeting of stockholders to vote on its proposed merger with Beachbody and Myx Fitness Holdings, LLC. Upon closing of the business combination transaction, the combined company will be renamed “The Beachbody Company” and be listed on the NYSE under a new ticker symbol, “BODY.”
Photo courtesy Beach Body