What Happened to Beachbody?

Beachbody went public through a three-way SPAC merger with Forest Road Acquisition Corp and connected fitness company Myx Fitness in June 2021. Celebrity backers included Shaquille O'Neal.

The timing appeared perfect — COVID-19 had driven a massive boom in home fitness, and Beachbody's subscription content (P90X, Insanity, etc.) had seen surging demand. Adding Myx's connected bike seemed to position the company to compete with Peloton.

But the COVID fitness boom was already peaking. As gyms reopened, subscribers churned out of home fitness platforms. Peloton's simultaneous collapse showed this was an industry-wide problem. Beachbody's subscriber base declined quarter after quarter.

The connected bike business (Myx) was a disaster — the company wrote down nearly the entire acquisition value. The stock fell from $14 to $0.15. The company rebranded as BODi and continues to operate at a much-reduced scale.