When Swerve Fitness closed its doors in March 2020, the Flatiron District-based cycling studio rented out its bikes and hosted classes on Zoom. But its revenue was still down about 70%.
After noticing the popularity of virtual fitness during the pandemic, co-founders Eric Posner and John Henry McNierney spent a year converting their business from a brick-and-mortar boutique fitness studio to a business-to-business company that provides live cycling videos to gyms.
“We had to get creative,” Posner said. “It’s evolve or die.”
Allowed to reopen in March, boutique fitness studios are still struggling to recover their 2019 membership and revenue levels as the pandemic leaves a lasting
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