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).
Jill and Carlo discuss the pending approval for Pfizer's vaccine for kids, the state of anti-Semitism three years after Tree of Life, potential criminal charges in the 'Rust' prop gun shooting and more.
DraftKings is walking away from a deal to buy Entain, a major company in the international gambling industry, for $22.4 billion. The deal reportedly fell through after the companies could not come to agreements about BetMGM, the exclusive sports betting division of MGM, and a joint venture between MGM resorts and Entain. Sportico sports business reporter Eben Novy-Williams joined Cheddar Nws' Closing Bell to discuss.
Jill and Carlo cover the news out of Facebook's latest earnings, Tesla's monumental day, Dave Chappelle addresses controversy and the tragedy of the climate emergency.
Zaire Wade and Jalen Newsome, Co-founders and Co-CEOs of 'YNG DNA' join us to talk about their new NFT collection available Oct. 25 on WAX NFT blockchain.
Jill and Carlo cover the latest developments in the Alec Baldwin prop gun shooting, when vaccines for kids as young as 5 should be approved, new reporting on Facebook and more.
Despite the Milwaukee Bucks defending its title with nearly the same team, bettors are putting their dollars behind "King" LeBron James and the LA Lakers. Meanwhile, Caesars Sportsbook is laying odds that the Larry O'Brien trophy will be hoisted by the Brooklyn Nets.
The NBA's 75th season gets underway tonight with the Brooklyn Nets facing off against the defending champion Milwaukee Bucks, followed by the Golden State Warriors at the LA Lakers. The league also is expected to celebrate its anniversary by unveiling its list of 75 greatest players.
The world of sports media continues to be a white-male dominated industry according to the latest Associated Press Sports Editors gender and diversity report card. For the sixth straight release of the report card, the industry received an F for its gender hiring practices. Jen Mueller, a Seattle Seahawks sideline radio reporter and entrepreneur, joined Cheddar's "Between Bells" to talk about some improvements she has witnessed over the span of her career but noted that while change has been evident on some level, much more needs to be done. Jen is also the founder of 'Talk Sporty to Me,' a professional development organization and you can learn more about it by visiting www.talksportytome.com.
Amal Shah, co-host of 'Odds On', joins 'Cheddar Bets' to share how he likes to handle teams that just lost a coach when gambling, and whether the Arizona Cardinals can stay undefeated another week.
Sponsored by BetMGM
According to The Wall Street Journal, four U.S. gymnasts, Simone Biles, Aly Raisman, McKayla Maroney, and Maggie Nichols, penned a letter to Congress asking them to break up the U.S. Olympic & Paralympic Committee board of directors for allegedly turning a blind eye to the sexual abuse committed by team doctor Larry Nassar.
