Join our daily newsletter At The Bell to receive exclusive market insights
- Health tech company MyFiziq (MYQ) has struck a two-year deal with fitness company MVMNT today
- Under the deal, MVMNT will integrate MyFiziq’s body scanning tech into its core mobile technology platform
- Importantly, the first MVMNT partners to integrate the MYQ tech include Floyd Mayweather Boxing and Fitness, McGregor Fast by Conor McGregor, and Fitocracy
- MyFiziq will be paid subscription fees based on how many users take up the tech each month
- Initially, MYQ is targeting over 1.15 million subscribers at US$1 (around A$1.42) per user per month for a potential US$13.9 million (roughly A$19.76 million) in annual revenue
- Shares in the company are up 0.42 per cent and worth $1.20 each this afternoon
Health tech company MyFiziq (MYQ) has struck a two-year deal with fitness company MVMNT today.
MVMNT is the tech delivery arm of FitLab, which itself is a fitness and sports lifestyle brand.
Under today’s deal, MVMNT will integrate the MyFiziq body scanning tech into its core mobile technology platform. MyFiziq’s product will then be available to all subscribers within MVMNT’s branded digital training experiences.
MyFiziq’s tech is designed to provide accurate body measurements through nothing more than a mobile phone. Using their phone’s camera, a user can scan their body to track key fitness results and provide detailed and important feedback.
Now, MyFiziq is leveraging some big names in the fitness world to boost revenue and product awareness: the first MVMNT partners to integrate the MYQ tech include Floyd Mayweather Boxing and Fitness, McGregor Fast by Conor McGregor, and Fitocracy.
As some of the most popular fighters in the United Fighting Championship (UFC), Connor McGregor and Floyd Mayweather have a combined Instagram reach of 50 million people.
As such, MyFiziq said it is confident in the potential of its digital training offerings and the additional value that will be brought to fitness consumers by the MVMNT integration of MYQ tech.
Where’s the money?
In return for access to the MyFiziq tech, MVMNT will pay user fees, data storage fees, and support fees to MYQ.
Under the deal, MyFiziq will be paid user subscription fees as follows: US$1.50 (roughly A$2.10) per user per month for less than one million active users, US$1 (roughly A$1.42) per user per month for between one million and three million active users, and US$0.80 (roughly A$1.15) per user per month for three million active users or more.
With this in mind, MyFiziq is targeting 500,000 active monthly users from Fitocracy, 410,000 monthly users from Mayweather Boxing and Fitness, and 250,000 monthly users from McGregor Fast — making up initial target user numbers from the MVMNT contract of 1.16 million people.
Based on the company’s targets, there’s a potential US$13.9 million (roughly A$19.76 million) in annual revenue from today’s deal.
Shares in MYQ are trading a slight 0.42 per cent higher this afternoon, currently worth $1.20 each at 1.40 pm AEDT.
