Mindbody Plans to Tackle On-Demand Fitness Videos, CEO Says
*By Chloe Aiello*
Fitness and beauty booking tool Mindbody is planning to make a play for the next big thing in wellness ー on-demand video, CEO Rick Stollmeyer told Cheddar on Thursday.
"You can expect us to be playing in that space, because we think that the on-demand and streaming video revolution hitting the fitness space is a big breakthrough," Stollmeyer said.
Mindbody ($MB) is a technology platform for beauty and wellness companies that provides cloud-based booking, payment, marketing, and business management software. It supports thousands of clients, like PureBarre, ClassPass, and CorePower Yoga, and boasts millions of registered users.
Many of Mindbody's customers are already offering on-demand videos of fitness classes that allow buffs to take them whenever and wherever they want.
"What these \[brands\] are reporting back to us and what we are seeing is that actually it is causing far more accretion of additional people into these businesses than it is cannibalizing them away to stay at home," he added.
Rather than opt out of in-person classes, fitness class patrons are using them to supplement their practice or ease their way into a new type of workout.
"Being able to access this content on-demand from the comfort of my living room means that I can take classes when it's more convenient perhaps. And perhaps for some people who aren't yet ready to go into that class live, \[they\] can experience what it's like, get comfortable with the notion of it, and then they'll convert into customers at the brick-and-mortar locations," Stollmeyer said.
The CEO wouldn't say when the company plans on launching an on-demand service, but he did say the company is "deeply interested" and the platform is "perfectly positioned for it."
His comments come hot on the heels of [the company's announcement](https://www.mindbodyonline.com/company/press/mindbody-enters-into-definitive-agreement-to-be-acquired-by-vista-equity-partners-for) in late December it had entered a definitive agreement with Vista Equity to be acquired for $1.9 billion. The deal would take the company private about 3.5 years after [its 2015 Nasdaq debut](https://www.nasdaq.com/article/mindbody-mb-goes-public-stock-closes-below-ipo-price-stocks-in-the-news-cm488973).
"What we see happening with Vista, these folks have some amazing best practices, they can help us further improve our operations ... they know how to create value, so we see this as a win-win for everyone involved, and most importantly for our customers," Stollmeyer said.
The transaction is expected to close in early 2019.
For full interview [click here](https://cheddar.com/videos/mindbody-keeps-your-business-model-in-tip-top-shape).
Michael Jenkins gives his picks for the final week of the NFL regular season while Joe Osborne dishes out his insight for how to approach a week where some teams choose to sit out their star players. Meanwhile, Austin Mock explains his strategy for selecting a winner in the national title game between Georgia and Alabama.
Sponsored by BetMGM
It's no secret tech giant Amazon has a mission of becoming a major player in sports media, and the company is poised to make progress on that goal in 2022. Amazon Prime Video will be the exclusive home to Thursday Night Football for the 2022-23 NFL season. In December, the New York Post reported that Amazon is in the beginning stages of developing studio sports programs, and hopes to soon have a full daily lineup of sports shows. Front Office Sports senior reporter A.J. Perez joined Cheddar News' Closing Bell to discuss.
The seven-time Pro Bowler Antonio Brown thrust himself into the spotlight again after an on-field meltdown against the New York jets that ended with him pulling off his jersey and exiting the field at MetLife Stadium, leading his Tampa Bay Buccaneers head coach Bruce Arians to say that Brown was "no longer a buc." Sports commentator and former quarterback Lester Ricard Jr. joined Cheddar's "Closing Bell" to discuss the troubled star's latest actions as well as his checkered past few years in and around the league. "About three or four years ago, Antonio Brown, his career was trending towards a Hall of Famer, one of the best wide receivers of all time," said Ricard Jr. "I don't know if he's self-imploding or whatever's going on with him." Ricard went on to speculate about a specific hit Brown may have taken years back he felt could have led to the current behavior.
Sports betting is going mainstream in the United States. Dozens of states have legalized it, California is set to do the same this year. Arizona, which legalized sports betting in September, set new national records for gambling in its first months. Daniel Graetzer, CEO of Maximbet, joins Cheddar News to discuss what's next for the booming industry.
There is a new player in the mobile app stock trading space.
Zingeroo recently announced a funding round of $8.5 million. The company says it aims to bring 'friendly competition' to stock trading, by literally breaking trading down into daily and weekly competitions between friends. Zingeroo also says it hopes its new approach can make trading more accessible, educational, and social than ever before. Zingeroo co-founder and CEO Zoe Barry joins Cheddar News' Closing Bell for more.
Back in July of 2021, the NCAA announced a new policy in favor of allowing student-athletes to be given the chance to gain income through endorsement deals as well as public appearances. The Name, Image, and Likeness policy have found great appreciation among athletes who now can grow their businesses without having to sacrifice their playing eligibility. However, some critics believe this new policy could cause some chaos in the locker room. Sports Reporter at the Wall Street Journal Laine Higgins, joined Cheddar to discuss more.
Chris Vannini, National College Football Reporter for The Athletic, joins Cheddar News' Closing Bell, where he breaks down the complications COVID-19 is having on college bowl season, with five games cancelled as of Thursday.
Eric Mitchell, sports analyst and co-founder & head of media relations at Lifeflip Media joins Cheddar News to discuss how covid-19 is impacting pro sports.
