MyFiziq Enters Strategic Partnership With Leading Fitness App, Fitocracy
MyFiziq Limited (ASX:MYQ) (MyFiziq) is pleased to announce its first strategic partnership in North America with one of the world’s leading fitness applications (app), Fitocracy.
Based in New York, Fitocracy was founded in 2011 and is considered a pioneer of mobile/digital fitness. The platform has partnered with some of the top performance & fitness brands & experts over the years, including Arnold Schwarzenegger and Red Bull, and continues to be one of the top mobile apps at the forefront of improving consumer health & fitness.
Fitocracy and MyFiziq will collaborate to offer MyFiziq’s revolutionary body shape tracking application to the Fitocracy community. Fitocracy’s current user base of over 2 million users will be able to track changes in their body shape and dimension using the MyFiziq technology as they follow Fitocracy’s coaching programs. MyFiziq will be an integral part of Fitocracy’s offering and a key point of difference to other platforms.
The MyFiziq pricing model, as previously outlined for our high-volume partners, has been structured to create customer retention and low friction when assessing value over a 12-month subscription. This model is further explained below:
- 1 – 999,999 monthly users US$1.50 per user per month – US$18.00 per annum
- 1,000,000-2,999,999 monthly users US$1.00 per user per month – US$12.00 per annum
- 3,000,000 or more monthly users US$0.80 per user per month – US$9.60 per annum
With an initial target of 500,000 Fitocracy users subscribing to the MyFiziq solution, potential revenue to MyFiziq, excluding future Fitocracy growth, is up to US$9 million.
Vlado Bosanac, Chief Executive Officer of MyFiziq, said:
“This agreement is an amazing first step for MyFiziq as we enter into the US market. Having the opportunity to work with the Fitocracy team, along with their incredible knowledge and background, is further validation of our technology. Fitocracy has worked with the biggest names in our industry, including Arnold Schwarzenegger and Red Bull, and is respected worldwide. We believe Fitocracy’s current and future reach into the online health and fitness arena reflects both our target market and desired method to market.”
Mike Melby, Executive Director of Fitocracy and Managing Partner of FitLab, said:
“We are very excited to be the first organisation to bring the MyFiziq application to the US market. When we first saw the technology in late 2016, we earmarked it to become a strategic partner as we looked to expand our offering with a focus on cutting edge innovation & performance tools. We have yet to find a high utility body scan solution with the mobility, ease, and functionality that the MyFiziq technology offers. The future of digital dimension is now in the palm of your hand.”
Fitocracy is backed by leading venture capitalists, including renowned Silicon Valley and New York funds and human performance specialists with experience at NeV, UFC Gym and Nike. Fitocracy will also be launching new branded apps in partnership with top brands & athlete influencers, including Floyd Mayweather, which will also be integrated with the MyFiziq technology.
Vlado Bosanac further commented:
“It has never been my intention to spend shareholders’ funds trying to engage an audience that has already been captured by our strategic partners as it is both expensive and time consuming. Fitocracy has a large user base that trust their application provider and the offerings brought to their environment. It makes little sense to try and attract their users away into a new environment when we can simply become part of this large existing ecosystem. MyFiziq’s strategy is solid and fits well with our new partner Fitocracy. In the first year, we expect to reach our initial user targets to deliver US$9 million in annualised revenue. We are also extremely excited to have our technology stand alongside Fitocracy’s global brand partners, which we expect to drive further reach and revenue potential.”
Fitocracy is a leading fitness application that empowers & motivates consumers to reach their performance & fitness goals through community, coaching & gamification. Fitocracy is considered the pioneer of social fitness and is one of the longest-standing fitness mobile apps. Backed by leading venture capitalists and in partnership with top fitness brands & athlete influencers, Fitocracy provides fitness at every level, bridging consumers from wellness to fitness to high performance, regardless of age, skill, interests or background.
MyFiziq Limited (ASX: MYQ) equips users with the tools to track their personal progress towards their goals over time, whether that’s fat loss, muscle gain, or maintaining their current physique. MyFiziq adds science to this art to create a holistic approach to measuring, tracking, and most importantly, seeing changes to your body shape over time. Body measurements provide more useful information about shape changes than simply measuring weight or BMI. But until now, body measurements have required a tape measure, creating a potential for error. MyFiziq removes this margin of human error to help users keep track as they smash through limits and achieve their goals.
For more information visit www.myfiziq.com