BUSINESS NEWS
Want to stay up to date on the latest press releases and business news in the running, cycling and triathlon industries? Scroll below to view all endurance sports business news.
August 23, 2024
Hayes Performance Systems lays off less than 10% of its workforce
Hayes Performance Systems laid off an unspecified number of employees Thursday, the latest company in the industry to show the effects of a stagnant bike market. An industry source familiar with the situation told BRAIN that less than 10% of the workforce that manufactures brakes, suspension systems, wheels, and components...
August 22, 2024
Peloton’s Q4 Earnings and Strength Push Send Shares Soaring Over 30%
The connected fitness company’s total revenue for Q4 was $643.6 million for the three months ending June 30 ($212.1 million of connected fitness products revenue and $431.4 million of subscription revenue), up from $642.1 million last year and outperforming its $618 – $643 million guidance range. Peloton ended Q4 with...
August 19, 2024
Fitness App Industry Set to Reach $4.3 Billion by 2030
The global fitness app market is poised for significant expansion, with projections indicating growth from $1.5 billion in 2023 to $4.3 billion by 2030, according to the newly released Fitness Apps – Global Strategic Business Report. The report forecasts a compound annual growth rate (CAGR) of 16.4% over the forecast period, driven...
August 19, 2024
How much do Olympic champions get paid?
Newly-crowned Olympic champions from Paris 2024 don’t just win bragging rights–national Olympic committees (NOC) or national governments from around the globe reward the achievements of their star athletes with a cash prize. With the expenses that go into being an elite athlete, these funds can go a long way in...
August 15, 2024
Skeezy New Trend: Strava ‘Surrogates’ Are Making Money by Logging Runs for Other People
An Indonesian teenager has found a lucrative way to do just that by, well, running for other people. Wahyu Wicaksono, 17, has become what’s known in the country as a “Strava jockey,” logging running achievements for others on the app for a fee. “I am active on X and it...
August 14, 2024
Bike Matrix compatibility index bags $2 million industry investment
Following a successful showing at Eurobike 2024 where it picked up an award, B2B parts compatibility solution Bike Matrix has secured NZ$2 million seed investment from within the industry. The Bike Matrix compatibility index allows users to “select a bike and see what fits” and is designed to simplify life for...
August 14, 2024
Asics Is Growing its Presence in the Crucial Run Specialty Channel in North America
Asics reported results for the first half of the year that showed solid growth across several regions and channels, including in the crucial North American run specialty channel. According to the Japan-based athletic brand, net sales for the first six months of 2024 increased 18 percent to 342 billion yen driven by...
August 13, 2024
Google Fitbit, Peloton announce fitness content partnership
Google's (GOOGL.O), opens new tab Fitbit has partnered with Peloton Interactive (PTON.O), opens new tab to give its premium users access to the exercise equipment maker's fitness content, starting early September, the companies said on Tuesday. As part of the deal, Fitbit premium members based in the U.S., UK, Canada and Australia would...
August 13, 2024
Federer’s On Brand Continues Surge, Challenging Sportswear Giants
On, the upstart sportswear company backed by Roger Federer, posted another strong quarter of sales, further solidifying its place as a threat to legacy brands. The Swiss brand founded in 2010 announced Q2 sales of $657 million on Tuesday, a 27.8% increase over last year, and saw a slight gross profit margin uptick to...
August 12, 2024
Hapana Raises $17 Million to Fuel Growth Across Fitness Markets
Hapana, a software-as-a-service (SaaS) platform used by fitness brands worldwide, has raised $17 million in a funding round led by Australian venture capital firms OIF Ventures and Bailador. The funding will support Hapana’s plans to expand its presence in the Asia-Pacific (APAC) region and the United States, as well as...