WEBVTT - Dancing Your Way to Better Health

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<v Speaker 1>This is Bloomberg Business Week with Carol Messer and Tim

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<v Speaker 1>Stenebek on Bloomberg Radio.

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<v Speaker 2>Well, the fitness market a few stats to throw out

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<v Speaker 2>at you from various research groups. Virtual the virtual fitness

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<v Speaker 2>market to be worth about one hundred and six point

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<v Speaker 2>four billion by twenty thirty and then you got Gym membership.

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<v Speaker 2>That market to reach over seventy billion globally by twenty

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<v Speaker 2>thirty two. People work at you love working out?

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<v Speaker 1>I do, yeah, when I can certainly find the time.

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<v Speaker 1>It's good for us. We have to do it as people.

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<v Speaker 1>I mean, this is like a central stuff. In general.

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<v Speaker 1>The fitness sector roared back after being devastated by the pandemic.

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<v Speaker 1>It also changed a lot during the pandemically the virtual

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<v Speaker 1>stuff people working out at home. It continues to provide

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<v Speaker 1>different offerings as a way to work out. Enter Forward

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<v Speaker 1>Space Carol about five years ago. That was back in

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<v Speaker 1>twenty eighteen, and.

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<v Speaker 2>Great to have with us on zoom in New York.

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<v Speaker 2>Kristin Sadeikas she's found her CEO and creative director of

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<v Speaker 2>Forward Space. Kristin, so great to have you here on

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<v Speaker 2>Bloomberg Business Week. First of all, how are you? And

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<v Speaker 2>tell us about your world and forward space and how

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<v Speaker 2>it all came to be.

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<v Speaker 3>Thank you for having me, how did it come to be?

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<v Speaker 4>Human connection? Very much in the business of human connection

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<v Speaker 4>by way of movement and music. So I've been doing

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<v Speaker 4>that as a choreographer and artistic director for a lot

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<v Speaker 4>of my life and started to really notice a high

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<v Speaker 4>demand and high just request of me personally. Where can

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<v Speaker 4>I just go move, go dance, connect myself? And there

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<v Speaker 4>just wasn't quite a space that merged the serious side

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<v Speaker 4>of dance, technical side of dance, the social side of

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<v Speaker 4>dance that's so essential to human connection and to what

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<v Speaker 4>we're needing as social beings, you know, to be in

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<v Speaker 4>a room together, the resurgence of how potent that is

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<v Speaker 4>that people want to be in a room with other

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<v Speaker 4>people working out and not just at home. And then

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<v Speaker 4>the sweat side, which is the cardio workout side. I

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<v Speaker 4>have a sport space bridges free.

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<v Speaker 2>Oh I'm sorry, no, no, go ahead, please? Oh I

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<v Speaker 2>think we lost hopefully that I'm.

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<v Speaker 3>Here, I'm here, okay, good.

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<v Speaker 4>It bridges the three yes, sorry, Carol. So it bridges

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<v Speaker 4>the three together, the serious side of dance, or this

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<v Speaker 4>technical side that a lot of people really want the

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<v Speaker 4>training of how can I be better at dancing, but

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<v Speaker 4>in an accessible, non intimidating way. The social side, which is,

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<v Speaker 4>you know people are probably out doing somewhere right now.

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<v Speaker 4>And then the sweat side, where people could get a

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<v Speaker 4>workout and not just for their bodies, but for their

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<v Speaker 4>minds and their emotional health and their energetic health.

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<v Speaker 2>I have to say, and we apologize for it's zooms

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<v Speaker 2>zoom always can get a little wacky. What's interesting And

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<v Speaker 2>we talked over the summer. You know, I am from

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<v Speaker 2>a large family. We love to dance, whether it's a

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<v Speaker 2>wedding whatever. It's like, it's such a great workout, but

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<v Speaker 2>you know, throw some music on and we're like all

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<v Speaker 2>over the place.

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<v Speaker 1>I want to go to one of these.

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<v Speaker 2>But it sounds like that's what you know, you've really

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<v Speaker 2>kind of you know, tapped into something of you know,

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<v Speaker 2>you throw in some great music, you post your playlist,

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<v Speaker 2>you curate them, and then you combine it with a workout.

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<v Speaker 2>It's just I can I can get it?

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<v Speaker 4>Yes, yes, And the human connection part of it all,

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<v Speaker 4>you know, I mean that's really the genesis of it,

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<v Speaker 4>is creating a space where people could connect, not just

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<v Speaker 4>to others, first to themselves, then to those around them.

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<v Speaker 4>Be it at a wedding, that same feeling where you know,

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<v Speaker 4>you meet people on the dance floor, but then also

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<v Speaker 4>the greater world around us in that order, again and

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<v Speaker 4>again and again. In a dark room, I should I should,

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<v Speaker 4>you know, share that part because we keep the lights

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<v Speaker 4>very low because many people are very very nervous coming in.

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<v Speaker 4>They have wanted a space to try to dance or

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<v Speaker 4>use some have. There's one class that's a fire class,

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<v Speaker 4>so there's free weights and a lot of sculpting exercises

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<v Speaker 4>with little mini dance breaks in between. And that's for

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<v Speaker 4>people that are all the way backed up, you know,

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<v Speaker 4>while flower style.

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<v Speaker 1>Yes, so you guys have an actual physical space in

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<v Speaker 1>soho here at New York, but you can also do

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<v Speaker 1>this virtually. How do you create, recreate, virtually create in

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<v Speaker 1>the space and so how do you actually do that?

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<v Speaker 4>Yeah, yeah, great question. It's similar to what we're doing

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<v Speaker 4>right here right now. While we're not in the same room.

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<v Speaker 4>It feels different, yet I can feel connected to you all.

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<v Speaker 4>It to create a precise, precise portal going through the

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<v Speaker 4>camera so that people receive the information in their homes.

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<v Speaker 4>I think there's something really special about the fact that

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<v Speaker 4>we have now expanded into the virtual and the many

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<v Speaker 4>people that are doing it that also have a physical space,

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<v Speaker 4>those of us that have the boats, and because people

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<v Speaker 4>either come to our home if you will, and soho,

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<v Speaker 4>and then we also have the opportunity to be in

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<v Speaker 4>people's homes, you know, And that that's a key element

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<v Speaker 4>I talk about when we're getting ready to film and

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<v Speaker 4>things like that.

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<v Speaker 3>It's to just take a moment and know that we're

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<v Speaker 3>entering their space now and so, but how do you

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<v Speaker 3>do it.

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<v Speaker 4>Where it still feels electric? And it's in the delivery,

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<v Speaker 4>it's in the professionalism, it's.

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<v Speaker 3>In the training of it all. It's and making it

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<v Speaker 3>look effortless, and the music.

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<v Speaker 2>You know, it's really kind of interesting. I love the

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<v Speaker 2>workout space and we've covered a lot here at Bloomberg

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<v Speaker 2>and certainly at Bloomberg Business Week, and it really has

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<v Speaker 2>taken off in so many different iterations. How do you

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<v Speaker 2>think about differentiating yourself? I mean, you've laid it out,

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<v Speaker 2>but it's a competitive field. I'm just curious if that's

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<v Speaker 2>the top of mind that understand that you're competing for

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<v Speaker 2>people's time, how they want to work out. I get

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<v Speaker 2>the social component, but how do you think about that,

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<v Speaker 2>because you do think about growing your business and throwing

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<v Speaker 2>some business metrics because we are curious about how much

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<v Speaker 2>the business has grown in the past five years.

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<v Speaker 4>Sure, twenty twenty three alone in our one flagship space,

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<v Speaker 4>we've seen twenty three hundred new clients. Wow, okay, and

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<v Speaker 4>we have very minimal I'm just giving it kind of

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<v Speaker 4>makes my chest still drop a bit because it's just

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<v Speaker 4>affirming the demand that I saw traveling in the country

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<v Speaker 4>and outside of the country creating dance concepts.

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<v Speaker 3>But that's just in.

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<v Speaker 4>Our SOHO space, in the physical space, and absolutely to

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<v Speaker 4>the expansion.

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<v Speaker 3>And do I worry about the competition apps?

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<v Speaker 4>I mean no, uh, you know, absolutely no, because this

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<v Speaker 4>is the grace of being a working dancer and choreographer

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<v Speaker 4>first and foremost, you know, professionally starting to teach when

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<v Speaker 4>I was thirteen, I was given the opportunity to do so.

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<v Speaker 4>In even moving to New York from Kansas City, people

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<v Speaker 4>would say, You're worried about the competition, you know, in

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<v Speaker 4>the arts and things, and no, I was driven by

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<v Speaker 4>the connection and how it shifts people's worlds individually and collectively.

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<v Speaker 4>So the competition, like you know, kind of fires me up.

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<v Speaker 4>I'm good to go with all that.

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<v Speaker 2>As you know, we are Bloomberg. So I am curious

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<v Speaker 2>about you know, are you profitable, what's the plan? Like

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<v Speaker 2>do you want to how do you want to grow

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<v Speaker 2>the business? Do you want to stay private? I'm just

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<v Speaker 2>curious because you do have investors, you know AVC, You've

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<v Speaker 2>got able partners, You've got G nine Ventures, You've got

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<v Speaker 2>a bunch of people who've definitely ponied up money to

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<v Speaker 2>back you.

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<v Speaker 3>They did, they did, and brilliant people.

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<v Speaker 4>And we are very intentional with who said yes to

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<v Speaker 4>being a part of this with Ford Space. How do

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<v Speaker 4>we plan to expand? Soho's our flagship space will continue

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<v Speaker 4>to do activations. We've done them in London and out

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<v Speaker 4>east in the Hamptons for five six weeks. We've got

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<v Speaker 4>our eyes on the Upper east Side West Hollywood, LA.

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<v Speaker 4>So these are the other physical spaces that will open.

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<v Speaker 4>Chicago's in the mix, and then partnerships. Brand Partnerships has

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<v Speaker 4>been one of the large lanes.

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<v Speaker 3>You know, if you think of Ford Space.

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<v Speaker 4>Obviously in the center here we've got our virtual our

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<v Speaker 4>flagship Space are varying spaces that will open around ten

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<v Speaker 4>or twelve the next five years.

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<v Speaker 3>And then the brand partnerships.

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<v Speaker 4>We've done things with a number of notable brands, large brands,

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<v Speaker 4>and so building those relationships out further six K relationships,

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<v Speaker 4>you know.

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<v Speaker 1>Six What about potentially franchising like Orange theory is done.

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<v Speaker 3>Right, I don't think we'll go that route.

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<v Speaker 4>And that was early on when we were first building

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<v Speaker 4>out the plan and doing I was doing the first

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<v Speaker 4>round of investment a non convertible, non convertible note, convertible

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<v Speaker 4>note forgive me for good convertible note, and I'm thinking

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<v Speaker 4>about a noncompete that I was just on an email

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<v Speaker 4>about there this week. As you know, they all merged together,

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<v Speaker 4>so in the convertible note. That was a large conversation

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<v Speaker 4>I had in a few of our key investors. We

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<v Speaker 4>had some really strong meetings about knowing this flode will

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<v Speaker 4>explode in all the ways, wanting to be intentional with

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<v Speaker 4>it and to not Some of them had taken the

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<v Speaker 4>franchise route and learned, and we don't think.

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<v Speaker 3>That would be the route for Ford Space. It's not

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<v Speaker 3>an absolute note, but it's likely not.

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<v Speaker 2>Kristen really quickly thirty seconds, your brother is Jason Sudeikis, So,

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<v Speaker 2>did you ever give him advice on Ted Lasso? Does

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<v Speaker 2>he ever give you advice on a playlist?

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<v Speaker 3>And just quickly, oh gosh.

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<v Speaker 4>I mean we're passing music back all the time and

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<v Speaker 4>talking life and talking all the things. But I mean,

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<v Speaker 4>I know, never gave him advice on his body of work.

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<v Speaker 4>His show I called the work that's been exhaled.

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<v Speaker 3>That's brought such joy and talk about connection, human connection.

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<v Speaker 4>But I mean, he's an amazing big he's an older brother,

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<v Speaker 4>you know, my only brother, very close and feel very

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<v Speaker 4>lucky to talk music and playlists and life and all

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<v Speaker 4>these things.

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<v Speaker 2>It's a yes, Well, listen so much fun. Next time,

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<v Speaker 2>come join us. We'd love to have you in studio.

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<v Speaker 2>Come back. We'll talk a little bit more about the

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<v Speaker 2>business too. Yeah, I do some dancing. Christ And Zadaikas

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<v Speaker 2>she's found her CEO and creative director of Forward Space.