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Speaker 1: This is the business of sports where in the situation

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Speaker 1: that we haven't dealt with in modern times, pandemic here

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Speaker 1: has really accelerated the investments that we've been advocating for

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Speaker 1: for years. From a macro standpoint, I think our sport

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Speaker 1: industry is really forced to look at the business a

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Speaker 1: little bit differently. In depth conversations with the leaders in

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Speaker 1: the sports industry, who wants to be the sacrificial lambs?

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Speaker 1: That shows up that the first big major sporting events

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Speaker 1: were part of something much bigger than the sport right

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Speaker 1: now and the health and raptry of our stakeholders the

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Speaker 1: works much important every moment, I think we're all from

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Speaker 1: the business respective thinking about the impact that the virus

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Speaker 1: is having on across the country and Bloomberg Business of

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Speaker 1: Sports from Bloomberg Radio. Hello, I'm Jason Kelly, and I'm

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Speaker 1: Mike Lynch, and I'm Michael bar Every week of this

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Speaker 1: time plus Mondays and Wednesday's weeks were big money issues

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Speaker 1: in the world of sports. And today we speak with

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Speaker 1: NEOU co founder and CEO Nate Forrester about the demand

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Speaker 1: for at home fitness and wellness services is people seek

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Speaker 1: ways to maintain exercise regimes amid the pen endemic and

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Speaker 1: where the business may go from here this world that

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Speaker 1: continues to be very uncertain. But before we get to that,

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Speaker 1: talk about uncertainty boys football, both at the collegiate and

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Speaker 1: the professional level. We are taping this on Thursday morning,

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Speaker 1: but I think I can very safely say not going

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Speaker 1: to be a good weekend in the world of football, Lynching, No,

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Speaker 1: it's not. The Atlanta Falcons have shut down the facility

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Speaker 1: Thursday morning because they had a member of their organization

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Speaker 1: test positive. They're supposed to fly on Saturday to Minneapolis

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Speaker 1: to play the Vikings on Sunday. This happened to the Patriots. Uh,

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Speaker 1: we saw what happened to them the first time that happened.

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Speaker 1: They had a Sunday game postponed to Monday, and they

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Speaker 1: had to go to Kansas City, and then they had

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Speaker 1: another player stuff on Gilmore and they had their game

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Speaker 1: against Denver postponed for a whole week. So I don't

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Speaker 1: know what the repercussions, by the way through the league

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Speaker 1: were since the unbelief, eight different teams have to rearrange

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Speaker 1: their schedule because of the Patriots, And I wonder if

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Speaker 1: the National Football League actually did that because the Patriots

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Speaker 1: were inc veniance and had to fly on the same

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Speaker 1: day out and back to Kansas City, and they rearranged

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Speaker 1: everybody else's schedule to make it a little bit easier

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Speaker 1: for the Patriots. I mean, the Chargers have four games

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Speaker 1: rescheduled and there are three thousand miles away, and they

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Speaker 1: must be saying, what do we do wrong? Why why

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Speaker 1: we have to upset I know, our an entire schedule.

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Speaker 1: So yeah, this is uh, that's the pro football side

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Speaker 1: of it. Yeah, and the pro football side, I mean

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Speaker 1: obviously has massive economic implications, Michael Barr, because if games

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Speaker 1: don't happen, you've got TV schedules that are up ended,

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Speaker 1: not to mention just the cost to the teams, and

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Speaker 1: you know, obviously fans aren't affected. But it just is

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Speaker 1: not you know, I feel like we talked about this

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Speaker 1: now every week that it's trending in the wrong direction

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Speaker 1: for the NFL. This is it's not good, is what

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Speaker 1: I'm trying to say. And and especially like what we

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Speaker 1: were talking about, I mean the New England game. Obviously

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Speaker 1: that got canceled because of the COVID tests. Uh, And

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Speaker 1: then there was big doubt about the Tennessee game the

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Speaker 1: Tennessee Buffalo game, and that brought up a problem if

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Speaker 1: you are a fantasy player fan. Uh, on Sunday, when

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Speaker 1: the news broke, it's like, oh, no, Tennessee, there's been

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Speaker 1: another test that's positive for Tennessee. So you didn't know

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Speaker 1: if the game that was already moved to Tuesday was

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Speaker 1: going to go. So then you had to find out

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Speaker 1: what do I put this player in? Do I risk

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Speaker 1: doing this or do I risk doing that? And and

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Speaker 1: I mean it's tough. I mean, listen, obviously I'm not

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Speaker 1: a person with COVID, that's the most serious and important thing.

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Speaker 1: But as fantasy players, as people trying to bet on

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Speaker 1: the game, uh, as the TV rights, I mean, it's

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Speaker 1: a big jumble. Yeah, And it's interesting to to to

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Speaker 1: think about the implications for these teams as businesses, because

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Speaker 1: these are as I think you guys would both agree,

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Speaker 1: these are people businesses at the end of the day,

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Speaker 1: you know, not just the players, but all the personnel,

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Speaker 1: all the staff. Um. You know, they have to think

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Speaker 1: about the health and safety. I think about conversations we've

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Speaker 1: had on this program with a monti tumor and others

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Speaker 1: around the just the notion of how do you keep

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Speaker 1: a locker room safe? How do you balance the needs

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Speaker 1: of a player who knows that he only has a

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Speaker 1: limited amount of time in his career, especially in the NFL. UH,

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Speaker 1: So you've got a lot of little businesses that in

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Speaker 1: the players there are ultimately relying on all of this. Meanwhile,

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Speaker 1: in college football, uh, things are going sideways. At probably

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Speaker 1: the most storied current UH college football program, University of Alabama,

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Speaker 1: Nick Saban and the athletic director of the University of

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Speaker 1: Alabama both testing positive throwing a very big game not

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Speaker 1: just into doubt, but it's been delayed, the Urge of

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Speaker 1: Alabama game that was scheduled for this weekend now I'm

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Speaker 1: not going to happen. And I just I feel like

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Speaker 1: college football is limp into the finish here, Lynchi. Yeah,

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Speaker 1: unlike professional football, where this sort of a semblance of control,

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Speaker 1: but not a lot with college football. Remember these a

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Speaker 1: lot of these guys are going back to dormitories and

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Speaker 1: roommates and girlfriends and buddies and classes that you know,

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Speaker 1: they don't know where these people have been. And so

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Speaker 1: I think it's much harder for college football to control

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Speaker 1: the behavior of their athletes, senators for the professional teams,

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Speaker 1: and this is you know, it's happening all around the country.

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Speaker 1: I mean Florida and l s u or they're off

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Speaker 1: right and uh so, and we've already seen the University

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Speaker 1: of Houston has had four games postponed, not because of them,

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Speaker 1: because of their opponents. So, I mean we felt this

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Speaker 1: way about baseball though when it started out, we didn't

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Speaker 1: think it would make it to the finish line. And

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Speaker 1: here we are now in the league championship series. So

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Speaker 1: who knows, maybe football can get us act together. Um,

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Speaker 1: but they is none of this is surprising to any

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Speaker 1: of us because we've had these conversations before the seasons

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Speaker 1: even started. Yeah, and it feels like it's interesting to

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Speaker 1: bring up baseball because I've been thinking about this a lot.

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Speaker 1: When you think about the management of this, right and

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Speaker 1: there's some that you can control and other things you

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Speaker 1: can't control, one of which is the the time and

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Speaker 1: the season. You know, just the the actual seasons, the

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Speaker 1: turning of the world, the weather getting colder, and what's

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Speaker 1: going on in the in the broader society. Baseball, in

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Speaker 1: some ways, after that initial stumble, got a little bit

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Speaker 1: lucky that it played most of its season while the

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Speaker 1: country seemed to have the United States at least seemed

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Speaker 1: to have the virus in a little bit more control,

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Speaker 1: and they sort of got through the regular season just

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Speaker 1: in time to effectively bubble the teams a little bit.

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Speaker 1: Because now you have the NLCS, the ALCS, and the

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Speaker 1: World Series all played, you know, in in one place

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Speaker 1: at the same time. And we'll talk about the excrewciating

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Speaker 1: loss from by the Braves in a minute. Maybe um,

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Speaker 1: it's still smarting from that. But you know, on the

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Speaker 1: other hand, you have football, which is now going into

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Speaker 1: a world where the virus seems to be resurging, and

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Speaker 1: it's just it's going the wrong way for them. I'm

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Speaker 1: I'm very worried about football, both college and professional at

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Speaker 1: this point. Well, you know what sport didn't have any problems,

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Speaker 1: well too for that matter, but especially one the NBA

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Speaker 1: because they were in the bubble. And by the way,

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Speaker 1: congratulations to the Lakers they won the championship. I know,

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Speaker 1: I'm sorry, John Havelcheck is ready to come down and

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Speaker 1: beat me a live. It's but Lebron James said it.

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Speaker 1: And you know in the post game, you know, when

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Speaker 1: they want everything about talking about being in the bubble.

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Speaker 1: He said, Uh, yes, it worked and they didn't have

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Speaker 1: any problems. And maybe if we have the next season

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Speaker 1: of football, maybe football needs to take a look at

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Speaker 1: being in the bubble. By the way, Roger Goodell had

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Speaker 1: said it several days ago, it is like, look, teams,

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Speaker 1: if you all can get you act together, Hugh coaches,

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Speaker 1: I'm gonna come down hard because he's already find a

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Speaker 1: lot of coaches for breaking the protocol. Uh, for wearing

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Speaker 1: the mask. You just find Jon Gruden. I think it

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Speaker 1: wasn't a hundred thousand dollars. Yeah, I mean they're finding

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Speaker 1: the individuals and the teams. The problem though, I think

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Speaker 1: and and listen, I'm all for economic incentives and disincentives.

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Speaker 1: The issue and I mean this goes back to something

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Speaker 1: Lynch he said a few minutes ago. The issue, I

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Speaker 1: think is less about what's going on on the field.

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Speaker 1: It's off the field. And and the fact that you know,

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Speaker 1: in so many cases these guys are living relatively normal lives.

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Speaker 1: I mean, I have to assume, giving them the benefit

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Speaker 1: of the doubt, that they're being careful. But you're talking

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Speaker 1: just about a huge number of people, and and just

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Speaker 1: the law of large numbers and math comes into this

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Speaker 1: that you're gonna have a lot of people who were

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Speaker 1: exposed to to lots of different things. So I just

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Speaker 1: I worry about that. Uh, in the same way that

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Speaker 1: I watched again, we're taking this Thursday morning, uh, last night.

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Speaker 1: The good news is that plenty of time on my

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Speaker 1: hands because the Braves Dodgers Game three was decided very

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Speaker 1: quickly in the first ending, all sorts of records set.

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Speaker 1: And uh, I don't think anybody saw that coming. I mean,

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Speaker 1: the only good news I guess Lynchy, you know, and

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Speaker 1: you you both have followed baseball very closely. I mean,

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Speaker 1: at some point the Braves quite literally just gave up.

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Speaker 1: I think it's it's fair number of the week, eleven.

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Speaker 1: I'm sorry, you know, I thought that's what we're gonna go. Well, um,

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Speaker 1: I did too. I was that was gonna be the

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Speaker 1: number of the week. I was thinking about the mercy

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Speaker 1: rule they have like a high school softball or you know,

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Speaker 1: when it got to like eleven or so, because we

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Speaker 1: just call this game off and just to the next day,

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Speaker 1: because they're playing, and you brought this up before we

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Speaker 1: started taping lunch. I mean, they're playing every day, and

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Speaker 1: and so you do have to you do have to

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Speaker 1: manage these teams differently given that, and I think that

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Speaker 1: probably if you're managing the Braves, if you know you're

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Speaker 1: if you know you had a day off, maybe you

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Speaker 1: try and mount some sort of comeback, because miracles can happen.

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Speaker 1: But they just rolled over. And that's probably smart because

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Speaker 1: game four is again we're talking on Thursday morning, Game

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Speaker 1: Force tonight. Good lord. I mean, it's just I was.

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Speaker 1: I was emailing with a friend of mine out in

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Speaker 1: Los Angeles and uh, and he sent me a nice

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Speaker 1: email after after the after the first game and said

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Speaker 1: Game one was a wake up call. So maybe it

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Speaker 1: took an extra game for the Dodgers to wake up,

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Speaker 1: but good lord, they woke up. See the comeback. Jason

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Speaker 1: is Hey, fan, at least we're in the Championship Series.

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Speaker 1: How's the couch? That's true? That's true. Well, and I

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Speaker 1: will say, just to stay a little bit of a

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Speaker 1: homewer for a second. Um, you know, I'm not sure

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Speaker 1: that a couple of weeks, a couple of years ago,

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Speaker 1: at least, I would have thought I would have thought

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Speaker 1: to say, the brains are in the National League Championship

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Speaker 1: Series and the Falcons just fired their coach and their

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Speaker 1: own five and they got shut down because of a

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Speaker 1: global pandemic. I'm not sure anybody had that on their card.

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Speaker 1: All right now, let's get to this week's interview with

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Speaker 1: neo you co founder and CEO Nate Forrester. Nate, really

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Speaker 1: nice to have you with us. How's life like down

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Speaker 1: in Florida right now? What's up? Guys? Thanks for having

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Speaker 1: me and Florida Florida not so bad? I mean, I

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Speaker 1: think with the whole COVID thing and everybody trying to

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Speaker 1: be smart about it, some people trying to be smart

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Speaker 1: about it, I think it's a bit of a mix.

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Speaker 1: Um it's I think, you know, I enjoyed being here.

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Speaker 1: You can be outside and obviously the weather is pretty

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Speaker 1: good and so uh fresh air and having some more

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Speaker 1: space than than the Manhattan set up. Um, so I'm

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Speaker 1: happy to be here. So I'm a terrible place to be.

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Speaker 1: And how's business? I mean, like, how would you? Well? Actually,

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Speaker 1: first of all, let's start tell us about neo you.

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Speaker 1: Like what is this? Neo you is the first true

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Speaker 1: digital marketplace for wellness, health and wellness, and so if

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Speaker 1: you think about what Amazon is or even the Netflix. Um.

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Speaker 1: We are connecting the gym owner, trainer, influencer, anyone that

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Speaker 1: really has a concept in wellness and we're providing them

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Speaker 1: a platform to connect to the consumer. And so on

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Speaker 1: the consumer side, we are an affordable, amazing product with

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Speaker 1: a really great user experience and you can do everything

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Speaker 1: from boot camp to you know, yoga, pilates, meditation all

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Speaker 1: in one place with lots of different choices, lots of

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Speaker 1: the top instructors and brands in each modality and and

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Speaker 1: it's it's all one place for you, and we connect

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Speaker 1: with your calendars, and we incentivize and we work with

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Speaker 1: you to achieve your goals. And so I'd like to

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Speaker 1: say we're really the first believer in a non hardware

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Speaker 1: focused digital wellness company and uh, we're really focused on

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Speaker 1: the marketplace idea and that's what near You is. Obviously,

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Speaker 1: the pandemic is bad. Everybody agrees on that. But there

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Speaker 1: are some advantages for your company because with the at

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Speaker 1: home fitness craze that's going on because of the pandemic,

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Speaker 1: it has helped your company. Can you expand more on that, yes,

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Speaker 1: And that's true. So the pandemic terrible. Um, you know,

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Speaker 1: we obviously want to get past it, but we thrived

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Speaker 1: through it, and look, we were happy to help people.

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Speaker 1: We were a great you know, source for for people

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Speaker 1: to get that was affordable, that could be quick and

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Speaker 1: again extremely efficient and a really good user experience. So,

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Speaker 1: you know, with a lot of these hardware companies during

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Speaker 1: the pandemic, yes, they also showed tremendous growth, but a

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Speaker 1: lot of a lot of the demographics that people out

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Speaker 1: there can't afford to spend thousands of dollars on a

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Speaker 1: piece of hardware. And so because we're you know, ten

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Speaker 1: dollars a month or seventy five dollars for the year,

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Speaker 1: it was a much easier play and we could really

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Speaker 1: help a lot of people. And so we drive through

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Speaker 1: the pandemic and got out to thousands of consumers and

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Speaker 1: got really good feedback, great engagement. But I would point

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Speaker 1: out that I don't want people to think the pandemic

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Speaker 1: was like the slash in the pan. People used it, uh,

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Speaker 1: and then you know it's all going to go back

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Speaker 1: to brick and mortar when things kind of get back

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Speaker 1: to normal. I really associate it more with like a

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Speaker 1: spark plug. I think the awareness that happened during the pandemic.

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Speaker 1: Millions of people realized that digital wellness was achievable at

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Speaker 1: home and you can have a good experience and it

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Speaker 1: can be on your schedule and you can enjoy it

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Speaker 1: and connect with it. Um And I think that that

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Speaker 1: created so much awareness for the industry as a whole.

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Speaker 1: And so I would say that it didn't maybe years

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Speaker 1: would have done. Happened in a couple of weeks, and

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Speaker 1: so it definitely helped us. I think it helped a

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Speaker 1: lot of companies out there. This is Mike up in

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Speaker 1: Boston to my research reading about you. One of your

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Speaker 1: constant lines, which I love, is you want to be

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Speaker 1: the Amazon of fitness? How do you get there? Yeah?

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Speaker 1: So it's a good, good, good line. Right. We'd like

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Speaker 1: to strive for big goals near you um and uh okay.

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Speaker 1: I think as long as we stay focused on the marketplace, right,

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Speaker 1: nothing's gonna come easy. We're trying to really teach the

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Speaker 1: community and the industry and the investors and people that

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Speaker 1: are looking at digital wellness that you don't have to

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Speaker 1: have a piece of hardware to create engagement, to create retention.

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Speaker 1: I think I think it's important to understand that it's

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Speaker 1: about the user experience, not just the piece of hardware,

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Speaker 1: and also the scalability. Right, we're already in seventy countries

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Speaker 1: today for a hardware company with logistics and manufacturing, it's

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Speaker 1: much harder to do. Our unit economics are much cleaner,

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Speaker 1: a much clearer path to profitability in terms of you know,

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Speaker 1: how are revenue trickles down to the bottom line. And

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Speaker 1: and for us, we want to be a really great

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Speaker 1: partner to two groups. We want to be a partner

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Speaker 1: to our consumers. We want to help them with their goals.

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Speaker 1: We want to make sure they have a good user experience,

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Speaker 1: and not to subscribers, right. And then our other partners

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Speaker 1: is the concepts. We want to be a great partner

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Speaker 1: to the gym owners, the trainers, the influencers. We want

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Speaker 1: to help them have a digital business and make sure

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Speaker 1: that we can navigate that with them and create this

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Speaker 1: amazing relationship between the subscriber and the content creator. And

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Speaker 1: if we can do those things, I think we can

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Speaker 1: be a really big marketplace and we can create this ecosystem,

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Speaker 1: this community of real digital wellness with real people sharing

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Speaker 1: their stories and experiences and reaching their fitness goals together.

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Speaker 1: So Nate, when you get a customer, when customers are

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Speaker 1: coming to you, what are they adding onto or what

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Speaker 1: are they doing instead before they get to neo you.

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Speaker 1: So we find that we're actually helping a lot of

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Speaker 1: customers similar to like a Planet Fitness, actually find wellness

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Speaker 1: for the first time or fitness for the first time.

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Speaker 1: Maybe they had it when they were younger and then

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Speaker 1: they had kids or they had, you know, a job,

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Speaker 1: and the first thing that we find with people is

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Speaker 1: that the one thing they cut out of their schedule

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Speaker 1: when they get very busy and life happens is fitness.

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Speaker 1: And so we've helped a lot of them refine that.

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Speaker 1: And so maybe they were kind of stagnant, are sleeping

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Speaker 1: on their wellness routine, and we've helped them get back

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Speaker 1: into it with something affordable and that they that's really functional.

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Speaker 1: We also find that a lot of people that were

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Speaker 1: into all these different types of boutique studio classes, right,

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Speaker 1: so the class tax user when it comes to digital,

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Speaker 1: we've really kind of had that angle of this digital

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Speaker 1: class tax where we're providing all of these options for

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Speaker 1: you all in one place. Um, it's really affordable and

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Speaker 1: it's a good experience. So we we found that some

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Speaker 1: of those core users that can't do that today are

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Speaker 1: a little bit hesitant to go back to that today.

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Speaker 1: They're sticking to Near You. And and then we find

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Speaker 1: even just the normal Jim goer were really hit the

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Speaker 1: whole gamut of of what our demographic is, from someone

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Speaker 1: that's an average fitness user to a really robust into

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Speaker 1: fitness right enthusiasts, and then someone that's the beginner or

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Speaker 1: or is just finding it now. So we're hitting all

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Speaker 1: of those marks with all the content that we have.

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Speaker 1: I'm glad to hear that because Neo U stands it

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Speaker 1: comes from the New You. And I'm an old guy

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Speaker 1: and I've been with a company called Flabby Butt and

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Speaker 1: it's it's it's been terrible for me, and so I

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Speaker 1: want and you mentioned it about the Beginner's course, is like,

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Speaker 1: make this if you can to the people who just

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Speaker 1: want to start out, maybe they have never even worked

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Speaker 1: out anywhere, is near you are product for them? Yeah,

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Speaker 1: so you you nailed it right, the New You. That's

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Speaker 1: why I came up with that name. We want to

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Speaker 1: help people, you know, create the best version of themselves.

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Speaker 1: And uh, look we have great beginner programs. This is

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Speaker 1: this is for them. This is for the new person

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Speaker 1: that wants to try to get the push ups in

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Speaker 1: the air squats, and even if they can only find

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Speaker 1: ten minutes to get up the couch or and their

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Speaker 1: busy schedule from working or you know with the kids

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Speaker 1: or family members, this is for you. We we show

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Speaker 1: you challenges and programs and things that you can start

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Speaker 1: with that are really easy friction lists. Right, It's like,

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Speaker 1: that's that's what it takes. People forget that it takes

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Speaker 1: a big commitment to track the fitness. Right. You have

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Speaker 1: to get dressed in your clothes, You've got to be

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Speaker 1: a little bit uncomfortable. It's not so easy. And so

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Speaker 1: we want to help you do that. And when you

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Speaker 1: shine up and register for near You, we asked a

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Speaker 1: lot of questions, we get all your information and then

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Speaker 1: we show you on your custom home page all these

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Speaker 1: different things that you can do based on what we

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Speaker 1: know you're trying to get out of out of your

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Speaker 1: near You subscription. And so we definitely have for the beginner.

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Speaker 1: We love that we want to help them on their

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Speaker 1: journey and get them more into the fitness and wellness.

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Speaker 1: And I hope that we can do that by establishing

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Speaker 1: a great relationship. So Nate, you know, it's interesting because

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Speaker 1: you guys have had up until the pandemic. This what

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Speaker 1: I think a lot of people are referring to as

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Speaker 1: sort of the omni channel approach in the sense that

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Speaker 1: you did uh and do have a physical location in

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Speaker 1: New York City. Help us understand sort of the mix

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Speaker 1: from your perspective, but also generally how people approach fitness

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Speaker 1: between sort of the physical boutique location and the online

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Speaker 1: at home product. And that's a great question, and I

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Speaker 1: think omni channel is probably the way of the future,

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Speaker 1: right It's going to be a combination of brick and

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Speaker 1: more or and digital, and you'll start to see some

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Speaker 1: of the biggest fitness companies in the world focusing on that,

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Speaker 1: whether they're brick and mortar and digital or vice versa.

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Speaker 1: And and and for us, we wanted to make sure that

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Speaker 1: the classes and the content that we were creating and

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Speaker 1: filming on demand live, all that stuff was real. And

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Speaker 1: so I think to do that, you need a real facility.

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Speaker 1: You need a real fitness hub, you need a gym

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Speaker 1: where real people are coming to those classes, you're filming

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Speaker 1: those classes and again when you're at home. We wanted

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Speaker 1: to feel like an experience in the brick and mortar.

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Speaker 1: If you like to go to studio classes, if you

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Speaker 1: were doing that before, if you're going back to that now,

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Speaker 1: and when you're at home, you want to have as

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Speaker 1: closest experience as the real thing that takes real people,

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Speaker 1: real classes, real community. And so that's how we have

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Speaker 1: this twenty thousand square foot hub in New York City

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Speaker 1: where you can come in and do all these different classes.

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Speaker 1: The schedule is constantly changing, so you can get lots

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Speaker 1: of different things, and so we love it there. UM's

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Speaker 1: it's a really great setup. And and I think it's

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Speaker 1: important to have that. And and omni channel is is

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Speaker 1: is the future. It's going to come from every angle.

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Speaker 1: It's gonna be the big brick and mortar players. You're

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Speaker 1: gonna have a connection to them at home and when

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Speaker 1: they come in the gym. It's going to be the same.

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Speaker 1: For the boutique studios. They're gonna have a great, you know,

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Speaker 1: brick and mortar experience, but they're also going to have

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Speaker 1: some availability for at home because what they know is

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Speaker 1: maybe the consumer that was going three or four times

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Speaker 1: a week to the brick and mortar isn't going to

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Speaker 1: do that anymore, and there's there's a few different reasons,

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Speaker 1: but but regardless when that happens, they can still stay

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Speaker 1: connected to them at home. So if you can get

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Speaker 1: them to do one or two works with the home

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Speaker 1: a week and then come in once a week to

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Speaker 1: the brick and mortar, you're starting to really get into

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Speaker 1: the omni channel. And then you go even bigger into

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Speaker 1: nutrition and sleep habits and meditation and dealing with stress.

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Speaker 1: And I think that all really comes together with the

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Speaker 1: fitness and the wellness. Right. We try not to say

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Speaker 1: fitness anymore because it's more about wellness. It's it's a

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Speaker 1: lifestyle where it's one of the biggest growing industries in

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Speaker 1: the world today and I think we're just getting started.

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Speaker 1: And the thing, you know, like coronavirus and the pandemic

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Speaker 1: is just showing that if you're healthier, if you're focused

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Speaker 1: on well and it can help you deal with these things.

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Speaker 1: And so omni channels definitely the way of the future.

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Speaker 1: It's going to be a digital and a brick and

431
00:22:05,800 --> 00:22:08,200
Speaker 1: mortar landscape, and I think they're gonna work well together.

432
00:22:08,600 --> 00:22:11,640
Speaker 1: Does it help also Neil You with diet. I mean

433
00:22:11,680 --> 00:22:15,639
Speaker 1: that's also an important thing about this. During the wellness

434
00:22:15,840 --> 00:22:19,800
Speaker 1: of the coronavirus era, do you get into diet. Yeah,

435
00:22:19,840 --> 00:22:22,159
Speaker 1: that's that's that's great. And I tell people this all

436
00:22:22,160 --> 00:22:24,840
Speaker 1: the time. You can train seven days a week, but

437
00:22:24,880 --> 00:22:26,760
Speaker 1: if you're not eating good, it's going to be an

438
00:22:26,840 --> 00:22:29,960
Speaker 1: uphill battle. And so died is a nutrition. Diet is

439
00:22:29,960 --> 00:22:32,520
Speaker 1: a huge piece to the puzzle and we do a

440
00:22:32,520 --> 00:22:35,000
Speaker 1: lot of that on Neil You. So there's a good example.

441
00:22:35,600 --> 00:22:37,440
Speaker 1: I think you just worked out in your living room

442
00:22:37,720 --> 00:22:40,359
Speaker 1: with your your favorite structor. Let's say it's it's Christie

443
00:22:40,359 --> 00:22:43,600
Speaker 1: Maricchini with with her Go boot Camp and you form

444
00:22:43,680 --> 00:22:46,479
Speaker 1: this relationship and you just finish your workout and Christie

445
00:22:46,480 --> 00:22:49,040
Speaker 1: says on the screen, Hey, let's go into the kitchen.

446
00:22:49,119 --> 00:22:51,320
Speaker 1: I'm gonna walk into mine and I'm gonna make my

447
00:22:51,400 --> 00:22:53,680
Speaker 1: favorite smoothie that you know, it's a healthy snack or

448
00:22:53,680 --> 00:22:56,440
Speaker 1: a healthy meal that works for me. You walk into

449
00:22:56,480 --> 00:22:58,639
Speaker 1: your kitchen, let's make it together. And we call that

450
00:22:58,720 --> 00:23:01,240
Speaker 1: Neo Cafe. We have a bunch that on Mear You

451
00:23:01,320 --> 00:23:03,560
Speaker 1: Today and it does really well. We know thousands of

452
00:23:03,600 --> 00:23:06,280
Speaker 1: people love that because again it's functional it's like, oh

453
00:23:06,280 --> 00:23:08,320
Speaker 1: wait a second, I can go into the kitchen and

454
00:23:08,359 --> 00:23:10,879
Speaker 1: make something that someone who I feel is helping me

455
00:23:10,920 --> 00:23:13,199
Speaker 1: on my fitness goals is also doing and we can

456
00:23:13,280 --> 00:23:15,440
Speaker 1: do it together. And so we are doing lots of

457
00:23:15,520 --> 00:23:18,560
Speaker 1: nutrition stuff. We have some really great, great chefs and

458
00:23:18,640 --> 00:23:20,840
Speaker 1: other people that are on the platform where you can

459
00:23:20,960 --> 00:23:23,040
Speaker 1: kind of get some tips on how to cook healthy meals.

460
00:23:23,240 --> 00:23:26,280
Speaker 1: And we have some exciting dietary and nutrition stuff coming

461
00:23:26,280 --> 00:23:28,520
Speaker 1: out for the new year, which we're really excited about.

462
00:23:28,520 --> 00:23:30,760
Speaker 1: Everyone kind of having their holidays and eating all the

463
00:23:30,800 --> 00:23:32,680
Speaker 1: pie and all the really delicious food. I know that's

464
00:23:32,680 --> 00:23:34,160
Speaker 1: going to be me and then you want to get

465
00:23:34,200 --> 00:23:36,520
Speaker 1: back on track at the beginning of januwere and so

466
00:23:36,520 --> 00:23:39,560
Speaker 1: we're gonna we're gonna help people do that in the Northeast,

467
00:23:39,880 --> 00:23:42,080
Speaker 1: in the Midwest. Pretty soon it's going to get cold.

468
00:23:42,080 --> 00:23:44,040
Speaker 1: I know a lot of brick and mortar places that

469
00:23:44,080 --> 00:23:46,840
Speaker 1: move their equipment outside, and that is provided a comfort

470
00:23:46,920 --> 00:23:48,919
Speaker 1: level for people who want to go and be around

471
00:23:48,920 --> 00:23:51,760
Speaker 1: other people and don't want to do digital. Pretty soon

472
00:23:51,800 --> 00:23:53,800
Speaker 1: the weather is going to change and the people that

473
00:23:53,920 --> 00:23:56,240
Speaker 1: want to be around people and work out together are

474
00:23:56,240 --> 00:23:57,600
Speaker 1: going to have to make a decision how are you

475
00:23:57,600 --> 00:23:59,879
Speaker 1: going to convince them that, you know, they should do

476
00:24:00,040 --> 00:24:03,200
Speaker 1: it digitally? Yeah, so I think we know that's gonna happen.

477
00:24:03,520 --> 00:24:05,320
Speaker 1: You know, it's gonna get cold up there, and and

478
00:24:05,840 --> 00:24:08,320
Speaker 1: COVID is not going anywhere at least, you know, maybe

479
00:24:08,359 --> 00:24:10,680
Speaker 1: the second wave is coming and people are being pretty

480
00:24:10,680 --> 00:24:12,639
Speaker 1: smart about it. And so that's going to be a

481
00:24:12,680 --> 00:24:14,320
Speaker 1: hurdle for a lot of the brick and mortar gyms,

482
00:24:14,320 --> 00:24:16,320
Speaker 1: and I'm sure they're gonna try to figure out how

483
00:24:16,320 --> 00:24:19,119
Speaker 1: to deal with that. We also know working out with

484
00:24:19,160 --> 00:24:21,879
Speaker 1: a max on and social distancing and it's it's just

485
00:24:21,960 --> 00:24:24,800
Speaker 1: not a great experience. And I think that's another thing

486
00:24:24,840 --> 00:24:27,760
Speaker 1: that the brick and mortar facilities are dealing with. And

487
00:24:27,800 --> 00:24:30,320
Speaker 1: so we hope to to you know, target a lot

488
00:24:30,320 --> 00:24:33,560
Speaker 1: of these consumers and say hey, we're here, we're an option. Um,

489
00:24:33,720 --> 00:24:35,879
Speaker 1: we were really affordable, we're gonna have We're gonna have

490
00:24:35,880 --> 00:24:39,160
Speaker 1: a great way to on board them. And another thing

491
00:24:39,200 --> 00:24:40,800
Speaker 1: that we do is, you know, you get your free trial.

492
00:24:41,160 --> 00:24:43,160
Speaker 1: We always say it comes to me, or you try

493
00:24:43,160 --> 00:24:45,840
Speaker 1: it for free. We're not asking you to pay up front.

494
00:24:46,080 --> 00:24:48,280
Speaker 1: Give us a shot, use us, and if you think

495
00:24:48,280 --> 00:24:51,400
Speaker 1: it's worth it, shine up. And become a subscriber. If not,

496
00:24:51,800 --> 00:24:54,680
Speaker 1: you know, then we we obviously want you to stay

497
00:24:54,680 --> 00:24:56,400
Speaker 1: in health and wellness and we hope you find something

498
00:24:56,440 --> 00:24:58,280
Speaker 1: that works for you. But we do think Neo You

499
00:24:58,400 --> 00:25:00,440
Speaker 1: is gonna be a great option for for a lot

500
00:25:00,480 --> 00:25:03,520
Speaker 1: of those consumers. And we also hope to partner with

501
00:25:03,600 --> 00:25:05,199
Speaker 1: some of the brick and mortar players that are going

502
00:25:05,280 --> 00:25:07,159
Speaker 1: to have to shut it down or the shoction is

503
00:25:07,200 --> 00:25:09,560
Speaker 1: going to slow down, because we can also help them.

504
00:25:09,600 --> 00:25:13,040
Speaker 1: We can have direct access to some of their consumers

505
00:25:13,040 --> 00:25:15,760
Speaker 1: and members, and there's a lot of partnership deals out

506
00:25:15,760 --> 00:25:18,720
Speaker 1: there to help their consumers find at home fitness walls

507
00:25:18,720 --> 00:25:21,359
Speaker 1: so cold mechanic to the brick and water facility. So

508
00:25:21,400 --> 00:25:22,760
Speaker 1: there's really a couple of ways to look at it,

509
00:25:22,760 --> 00:25:25,200
Speaker 1: but we feel pretty confident that we can do well there.

510
00:25:25,680 --> 00:25:29,399
Speaker 1: So Nate, I gotta ask you about the eight hundred

511
00:25:29,440 --> 00:25:33,120
Speaker 1: pound guerrilla in this area of at home fitness. Talk

512
00:25:33,200 --> 00:25:36,480
Speaker 1: about Peloton. It has been a juggernaut during the pandemic.

513
00:25:36,520 --> 00:25:39,520
Speaker 1: Went public last year to you know, a little bit

514
00:25:39,560 --> 00:25:42,280
Speaker 1: of a tepid response, but clearly during the pandemic, as

515
00:25:42,320 --> 00:25:46,040
Speaker 1: people have been sheltering in place and focusing on wellness

516
00:25:46,080 --> 00:25:50,520
Speaker 1: in place as it were, they've seen demand surge. What

517
00:25:50,600 --> 00:25:54,880
Speaker 1: does Peloton do for the broader business in your estimation?

518
00:25:55,240 --> 00:25:57,800
Speaker 1: So you know, we have to thank Peloton for paving

519
00:25:57,800 --> 00:26:00,080
Speaker 1: the way. I think everyone has to think Peloton on

520
00:26:00,160 --> 00:26:02,639
Speaker 1: for paving the way for this industry. Uh. You know

521
00:26:02,680 --> 00:26:05,159
Speaker 1: what Folly was able to create and had the site,

522
00:26:05,280 --> 00:26:08,399
Speaker 1: you know, the vision to do actually amazing. Um they

523
00:26:08,440 --> 00:26:10,600
Speaker 1: have a great fight, they have a great treadmill. Uh,

524
00:26:10,640 --> 00:26:15,080
Speaker 1: they make really really solid equipment and content on that equipment.

525
00:26:15,200 --> 00:26:18,399
Speaker 1: So it's huge what they've done for the industry. I

526
00:26:18,400 --> 00:26:22,159
Speaker 1: think anybody that talks negatively about Peloton that's in this

527
00:26:22,200 --> 00:26:25,800
Speaker 1: space is just is doing an injustice because they have

528
00:26:26,480 --> 00:26:28,560
Speaker 1: really paved the way and have done it quickly. And

529
00:26:28,600 --> 00:26:32,000
Speaker 1: obviously the pandemic and everything helped um and that that

530
00:26:32,280 --> 00:26:34,440
Speaker 1: you know, done some really positive things for a lot

531
00:26:34,440 --> 00:26:37,840
Speaker 1: of companies. And I said again, I said, it's about awareness.

532
00:26:38,280 --> 00:26:40,399
Speaker 1: You know, the consumer needs to know that digital wellness

533
00:26:40,480 --> 00:26:42,639
Speaker 1: exists and you can have a really good experience. But

534
00:26:42,680 --> 00:26:44,440
Speaker 1: we have to give a lot of that credit to Peloton,

535
00:26:44,600 --> 00:26:47,280
Speaker 1: So we would we would start there, and you know,

536
00:26:47,320 --> 00:26:49,080
Speaker 1: I think as they evolve and get better, they're going

537
00:26:49,119 --> 00:26:51,920
Speaker 1: to do a lot of different things, and they'll continue

538
00:26:51,960 --> 00:26:54,879
Speaker 1: to look at the consumer and find creative ways to

539
00:26:54,880 --> 00:26:56,679
Speaker 1: make it more affordable. I know they're doing some of

540
00:26:56,680 --> 00:26:59,680
Speaker 1: that stuff and so obviously be competitors that come and

541
00:27:00,000 --> 00:27:03,520
Speaker 1: try to be a cheaper version less expensive. I think

542
00:27:03,520 --> 00:27:06,440
Speaker 1: the hardest part for a lot of these hardware companies

543
00:27:06,520 --> 00:27:09,520
Speaker 1: is going to be content. Right. We also know that

544
00:27:09,600 --> 00:27:13,000
Speaker 1: the consumer doesn't want just one thing, right. They don't

545
00:27:13,040 --> 00:27:17,600
Speaker 1: want Peleton spinning, Peleton, Yoga, Peleton, boot camp, Peleton because

546
00:27:17,880 --> 00:27:20,000
Speaker 1: they don't want that. We've known that for years. That's

547
00:27:20,000 --> 00:27:22,240
Speaker 1: what made class paths so great in the brick and

548
00:27:22,280 --> 00:27:25,240
Speaker 1: mortar space. And for us, the way that we look

549
00:27:25,240 --> 00:27:26,919
Speaker 1: at it is, look, you may want to do some spinning,

550
00:27:26,960 --> 00:27:28,800
Speaker 1: which we also have on the platform, but maybe you

551
00:27:28,840 --> 00:27:32,240
Speaker 1: want a meditation expert, or you want a boot camp expert,

552
00:27:32,320 --> 00:27:34,480
Speaker 1: or you want a boxing expert, and so you want

553
00:27:34,480 --> 00:27:37,679
Speaker 1: to jump around. We know our average user uses about

554
00:27:38,119 --> 00:27:41,840
Speaker 1: five six different brands amongth so they like lots of

555
00:27:41,840 --> 00:27:44,520
Speaker 1: different things. They want to jump around those x persons.

556
00:27:44,560 --> 00:27:46,479
Speaker 1: So while Pelton is doing their thing, and I think

557
00:27:46,520 --> 00:27:49,680
Speaker 1: they're the biggest winner and everyone appreciates what they've done,

558
00:27:50,119 --> 00:27:51,880
Speaker 1: I think the challenges that they get as they try

559
00:27:51,960 --> 00:27:54,199
Speaker 1: to evolve will be you know, to be able to

560
00:27:54,240 --> 00:27:57,680
Speaker 1: offer some different brands and concepts to their consumer, not

561
00:27:57,840 --> 00:28:00,639
Speaker 1: just Peloton this and Pelton not a very agnostic I

562
00:28:00,680 --> 00:28:02,560
Speaker 1: think they need to be able to be a bit

563
00:28:02,600 --> 00:28:05,520
Speaker 1: more creative and give their consumer different things to do

564
00:28:05,560 --> 00:28:07,479
Speaker 1: in other brands. And so I'll be interesting to see

565
00:28:07,880 --> 00:28:10,040
Speaker 1: how they get through that process, and I'm sure they will.

566
00:28:10,440 --> 00:28:12,399
Speaker 1: They're very smarter there, and I know some of the

567
00:28:12,400 --> 00:28:15,000
Speaker 1: guys on their team pretty well and they're they're great thinkers.

568
00:28:15,000 --> 00:28:18,639
Speaker 1: So I definitely personally think Peloton and I hope they

569
00:28:18,680 --> 00:28:20,560
Speaker 1: keep up the great work and we love seeing what

570
00:28:20,560 --> 00:28:23,919
Speaker 1: they're doing because the bigger road that they create, the

571
00:28:23,960 --> 00:28:27,200
Speaker 1: more space I had to play. You're obviously an entrepreneur now,

572
00:28:27,320 --> 00:28:31,000
Speaker 1: but back in the day, you were a pro tennis player.

573
00:28:31,040 --> 00:28:33,800
Speaker 1: Can you take us through those times and what it

574
00:28:33,880 --> 00:28:38,480
Speaker 1: was like to be out there making a living playing tennis? Yeah? Absolutely,

575
00:28:38,480 --> 00:28:40,960
Speaker 1: And I know you guys cover sports, and so that

576
00:28:41,080 --> 00:28:43,440
Speaker 1: was you know, as far back as I can remember.

577
00:28:43,880 --> 00:28:47,840
Speaker 1: Competition has lad my life. It's been a big factor

578
00:28:47,840 --> 00:28:50,160
Speaker 1: in what I do since I was, you know, twelve

579
00:28:50,240 --> 00:28:52,720
Speaker 1: years old, and so I still consider being an entrepreneur

580
00:28:52,840 --> 00:28:56,280
Speaker 1: competing today, so I'm very competitive. I think that I

581
00:28:56,360 --> 00:28:58,400
Speaker 1: thrived in that environment and I love it. I just

582
00:28:58,440 --> 00:29:00,840
Speaker 1: love the challenge every day of waking up. And so,

583
00:29:01,360 --> 00:29:05,520
Speaker 1: you know, I do miss playing tennis. You know, it's funny. Um,

584
00:29:05,600 --> 00:29:07,080
Speaker 1: I started to pick it up a little bit more

585
00:29:07,120 --> 00:29:09,400
Speaker 1: now that I've been back in Florida. Not that easy

586
00:29:09,440 --> 00:29:11,600
Speaker 1: to play tennis in New York. Um, And so I

587
00:29:11,600 --> 00:29:14,200
Speaker 1: picked it up a little bit here. And uh, and

588
00:29:14,240 --> 00:29:15,760
Speaker 1: I was good when I played on the tour, and

589
00:29:15,960 --> 00:29:18,600
Speaker 1: I was very young. I was very very young, So

590
00:29:19,440 --> 00:29:21,360
Speaker 1: I don't I took a lot of it for granted.

591
00:29:21,440 --> 00:29:23,920
Speaker 1: And it's funny when I played now, I'm definitely hitter,

592
00:29:24,480 --> 00:29:26,280
Speaker 1: uh that I was. Then. I trained quite a bit

593
00:29:26,440 --> 00:29:28,720
Speaker 1: and uh, you know, I got very heavy into cross

594
00:29:28,720 --> 00:29:32,600
Speaker 1: fit and do some functional fitness and train a lot. Today.

595
00:29:32,920 --> 00:29:35,160
Speaker 1: I love working out. And so when I play now,

596
00:29:35,680 --> 00:29:39,479
Speaker 1: I'm actually pretty good. But what helps me is I'm

597
00:29:39,520 --> 00:29:42,480
Speaker 1: a better thinker. I think more about the game. When

598
00:29:42,480 --> 00:29:45,080
Speaker 1: I make a mistake, I try to understand why I

599
00:29:45,080 --> 00:29:48,280
Speaker 1: made the mistake. And also because I run me know

600
00:29:48,360 --> 00:29:50,479
Speaker 1: you so much on data, I've learned how to consume

601
00:29:50,600 --> 00:29:53,120
Speaker 1: data and looking at every day and make decisions based

602
00:29:53,120 --> 00:29:55,400
Speaker 1: on numbers. I've kind of taken that over to when

603
00:29:55,400 --> 00:29:59,240
Speaker 1: I played tennis, to pick the game apart and understand

604
00:29:59,280 --> 00:30:01,880
Speaker 1: the x's and of what would give me a better

605
00:30:01,960 --> 00:30:04,760
Speaker 1: chance of being better at it and really thinking through that.

606
00:30:05,120 --> 00:30:07,040
Speaker 1: And so my messaging would be to a lot of

607
00:30:07,040 --> 00:30:09,320
Speaker 1: the youngsters out there that are that are trying to

608
00:30:09,320 --> 00:30:12,560
Speaker 1: make it as a professional athletes, don't overlook, you know,

609
00:30:12,680 --> 00:30:15,160
Speaker 1: using your brain and thinking and breaking down the sports

610
00:30:15,120 --> 00:30:17,520
Speaker 1: to xs and os and numbers. It's not just all

611
00:30:17,520 --> 00:30:19,600
Speaker 1: about talent. Because if I would have known that when

612
00:30:19,600 --> 00:30:20,880
Speaker 1: I played on the tour, I think I would have

613
00:30:20,920 --> 00:30:24,400
Speaker 1: done a bit better, probably a lot better. But I

614
00:30:24,400 --> 00:30:26,440
Speaker 1: can play some now and I definitely think through and

615
00:30:26,480 --> 00:30:28,680
Speaker 1: so I think it's really just understanding the balance of

616
00:30:29,040 --> 00:30:32,040
Speaker 1: raw talent and the fitness and wellness, but also using

617
00:30:32,040 --> 00:30:35,000
Speaker 1: your brain and thinking about the data. Uh. And it's

618
00:30:35,040 --> 00:30:37,360
Speaker 1: interesting that I've just figured that out now at thirty six.

619
00:30:38,000 --> 00:30:40,800
Speaker 1: When I'm retired, But maybe I should make a comeback

620
00:30:40,840 --> 00:30:43,080
Speaker 1: tour for a couple of years and uh if I

621
00:30:43,360 --> 00:30:46,680
Speaker 1: win some matches. Hey, Nate, let me ask you what

622
00:30:46,920 --> 00:30:51,600
Speaker 1: you feel separates neo you from the other fitness companies

623
00:30:51,640 --> 00:30:55,720
Speaker 1: that are just bidding and campaigning for the digital workout

624
00:30:55,720 --> 00:30:57,640
Speaker 1: people who don't want to come back into any type

625
00:30:57,680 --> 00:30:59,760
Speaker 1: of brick and mortar place. What separates you from the others?

626
00:30:59,800 --> 00:31:02,200
Speaker 1: Do you thing? So I would just focus on the

627
00:31:02,280 --> 00:31:05,040
Speaker 1: marketplace and the user experience. We're going to have the

628
00:31:05,080 --> 00:31:08,040
Speaker 1: most options, we're gonna have the highest quality of content,

629
00:31:08,320 --> 00:31:10,680
Speaker 1: we're going to be the most affordable for what you're getting,

630
00:31:11,120 --> 00:31:14,160
Speaker 1: and and we're going to evolve the best out of anyone.

631
00:31:14,320 --> 00:31:17,560
Speaker 1: So the fact that we're a marketplace means that we

632
00:31:17,600 --> 00:31:21,200
Speaker 1: really have to, you know, constantly watch what's happening, what

633
00:31:21,240 --> 00:31:25,000
Speaker 1: are the new concepts, best trainers, cool influencers. And we're

634
00:31:25,040 --> 00:31:27,920
Speaker 1: adding that every single month to kneel you. So, as

635
00:31:27,960 --> 00:31:31,000
Speaker 1: a consumer, you're getting such a robust offering where we're

636
00:31:31,040 --> 00:31:34,960
Speaker 1: keeping it interesting, it's real, we're communicating with you constantly,

637
00:31:35,000 --> 00:31:39,120
Speaker 1: We're helping you establish these relationships. We've spent millions of

638
00:31:39,200 --> 00:31:43,160
Speaker 1: dollars creating near you, creating the product, creating the content,

639
00:31:43,240 --> 00:31:47,200
Speaker 1: creating that user experience, where most startups would spend millions

640
00:31:47,200 --> 00:31:51,080
Speaker 1: of dollars on acquisition and building awareness. And I get that,

641
00:31:51,520 --> 00:31:54,280
Speaker 1: but then they have a really you know, low level product.

642
00:31:54,360 --> 00:31:56,960
Speaker 1: They didn't spend the money to create great content, they

643
00:31:56,960 --> 00:31:59,720
Speaker 1: didn't spend the money on the user experience, on anything

644
00:31:59,760 --> 00:32:02,400
Speaker 1: like ACT. We've done it the other way. We've spent

645
00:32:02,480 --> 00:32:05,120
Speaker 1: money on building the best experience for you at home,

646
00:32:05,480 --> 00:32:07,960
Speaker 1: and now we're trying to build the awareness. And so

647
00:32:08,320 --> 00:32:10,680
Speaker 1: because of that, when you find you you, I can

648
00:32:10,720 --> 00:32:12,760
Speaker 1: promise that that that you're gonna like it, that you're

649
00:32:12,800 --> 00:32:15,160
Speaker 1: gonna enjoy your experience. It's not gonna be something they're like, oh,

650
00:32:15,200 --> 00:32:17,520
Speaker 1: I don't know, it's okay, it's digital. It's going to

651
00:32:17,600 --> 00:32:20,040
Speaker 1: be more about this is amazing and it's digital and

652
00:32:20,080 --> 00:32:22,320
Speaker 1: I love doing it at home. And we have taken

653
00:32:22,360 --> 00:32:24,840
Speaker 1: the time and really fought through the process to be

654
00:32:24,880 --> 00:32:26,320
Speaker 1: able to do that. And I can promise you a

655
00:32:26,320 --> 00:32:29,160
Speaker 1: lot of our competitors have not. They're more focused on

656
00:32:29,560 --> 00:32:31,840
Speaker 1: saturating and getting out there and just trying to get

657
00:32:31,840 --> 00:32:34,560
Speaker 1: you to come to the platform and stick around. But

658
00:32:34,600 --> 00:32:37,200
Speaker 1: we we've done a really good job of making sure

659
00:32:37,240 --> 00:32:38,960
Speaker 1: that your experience is going to be really good. So

660
00:32:39,000 --> 00:32:41,160
Speaker 1: I can comments if you find you you we're going

661
00:32:41,200 --> 00:32:43,600
Speaker 1: to be the winner in terms of how we communicate

662
00:32:43,640 --> 00:32:45,320
Speaker 1: with you and and and getting you to come back

663
00:32:45,360 --> 00:32:48,200
Speaker 1: and work with us and finding health and wellness that's

664
00:32:48,200 --> 00:32:50,680
Speaker 1: going to separate us. That's that's what's gonna get us

665
00:32:50,680 --> 00:32:53,000
Speaker 1: to be the winner eventually when we start to build

666
00:32:53,000 --> 00:32:56,360
Speaker 1: the awareness Nate. You alluded to to this earlier, and

667
00:32:56,480 --> 00:32:59,120
Speaker 1: even in the discussion of Peloton it it came up

668
00:32:59,160 --> 00:33:02,160
Speaker 1: in my mind to end which is and John Foley,

669
00:33:02,240 --> 00:33:05,520
Speaker 1: the CEO and co founder of Pelton, who who you mentioned,

670
00:33:05,680 --> 00:33:09,760
Speaker 1: has been very vocal about this as well. Ultimately, as

671
00:33:09,840 --> 00:33:14,320
Speaker 1: much as we're talking about wellness and fitness and exercise

672
00:33:14,360 --> 00:33:17,320
Speaker 1: and all of those different things, what you're doing is

673
00:33:17,800 --> 00:33:21,240
Speaker 1: so much driven by content and so much driven by

674
00:33:21,360 --> 00:33:24,400
Speaker 1: sort of the underlying talent in many ways tell us

675
00:33:24,440 --> 00:33:29,000
Speaker 1: about the process of identifying the right talent, like the

676
00:33:29,040 --> 00:33:32,200
Speaker 1: marketplace for them, and sort of how you've seen that

677
00:33:32,320 --> 00:33:35,840
Speaker 1: evolve over the you know, sort of the conception and

678
00:33:35,880 --> 00:33:38,640
Speaker 1: the creation and the growth of neo you. Yeah. And

679
00:33:38,680 --> 00:33:41,440
Speaker 1: so the reason why I fully says that is because

680
00:33:41,480 --> 00:33:44,120
Speaker 1: he understands that a lot of people aren't saying, Oh,

681
00:33:44,120 --> 00:33:46,800
Speaker 1: I'm gonna go do you know my Peloton class. They're saying, Oh,

682
00:33:46,800 --> 00:33:49,640
Speaker 1: I'm gonna go train with Robin for thirty minutes right,

683
00:33:49,680 --> 00:33:53,240
Speaker 1: creating those relationships with the amazing talent that Peloton has,

684
00:33:53,280 --> 00:33:56,160
Speaker 1: which he's done a tremendous job of getting. I mean,

685
00:33:56,200 --> 00:33:58,320
Speaker 1: they have great you know, they have great options there

686
00:33:58,320 --> 00:34:00,600
Speaker 1: that when you get on that bite are forming the

687
00:34:00,640 --> 00:34:02,960
Speaker 1: relationship and it's about the instructor. And so it's the

688
00:34:03,040 --> 00:34:06,800
Speaker 1: same thing for Near Youth. We are putting the talent first.

689
00:34:06,840 --> 00:34:08,680
Speaker 1: A lot of people like to call us a media company.

690
00:34:08,719 --> 00:34:11,920
Speaker 1: They compare us to you know, talent agencies and companies

691
00:34:11,960 --> 00:34:14,520
Speaker 1: that are dealing with a lot of media because we

692
00:34:14,560 --> 00:34:18,920
Speaker 1: have all these relationships over one hundred different influencers, trainers

693
00:34:19,000 --> 00:34:21,080
Speaker 1: and jim owners on Near You Today, right, and so

694
00:34:21,120 --> 00:34:22,880
Speaker 1: if you think about that, that's a pretty big number.

695
00:34:22,880 --> 00:34:26,000
Speaker 1: And we have a vetting process. Our head of talent

696
00:34:26,520 --> 00:34:30,279
Speaker 1: works constantly with finding people that we're looking for. We

697
00:34:30,320 --> 00:34:32,000
Speaker 1: look at the data, right, so we're saying what's the

698
00:34:32,040 --> 00:34:35,680
Speaker 1: consumer doing? Really similar to what Netflix does and Amazon.

699
00:34:35,719 --> 00:34:38,080
Speaker 1: They study all this data and they look and see

700
00:34:38,160 --> 00:34:39,840
Speaker 1: what the consumer is doing and then they want to

701
00:34:39,840 --> 00:34:41,680
Speaker 1: go and create more of that or find more of that.

702
00:34:41,840 --> 00:34:43,719
Speaker 1: And so we do the same thing. We know what

703
00:34:43,800 --> 00:34:46,840
Speaker 1: the consumer is looking for. We're constantly you know, looking

704
00:34:46,840 --> 00:34:49,080
Speaker 1: at the industry and listening to what's happening, and we

705
00:34:49,120 --> 00:34:52,239
Speaker 1: go out and we try to find great partners and

706
00:34:52,239 --> 00:34:54,440
Speaker 1: and want to put their content on near you and

707
00:34:54,719 --> 00:34:57,240
Speaker 1: work with them. At the same time, we have between

708
00:34:57,320 --> 00:35:00,440
Speaker 1: five and ten you know concept reaching out to us

709
00:35:00,440 --> 00:35:02,520
Speaker 1: a week. When they realize and hear about me and

710
00:35:02,600 --> 00:35:05,200
Speaker 1: you that they can have a digital business and partner

711
00:35:05,239 --> 00:35:07,719
Speaker 1: with us, they reach out to us and so we're

712
00:35:07,719 --> 00:35:11,279
Speaker 1: also vetting those, you know, those partners that are reaching out.

713
00:35:11,320 --> 00:35:13,320
Speaker 1: So we have it coming a lot of different directions,

714
00:35:13,360 --> 00:35:15,920
Speaker 1: but we're we're looking at the industry, we're looking at

715
00:35:15,920 --> 00:35:18,320
Speaker 1: the data, and we're also trying to be visionaries to

716
00:35:18,360 --> 00:35:21,440
Speaker 1: see what's going to happen, make good decisions, be really interesting.

717
00:35:21,480 --> 00:35:22,880
Speaker 1: I mean, there's a lot of stuff out there and

718
00:35:22,960 --> 00:35:25,759
Speaker 1: we have to have something for everyone. So it is

719
00:35:25,760 --> 00:35:29,440
Speaker 1: about forming the relationship with the consumer and the content

720
00:35:29,480 --> 00:35:31,319
Speaker 1: creator or the concept. You have to do that. The

721
00:35:31,360 --> 00:35:34,000
Speaker 1: subscriber comes back to me or you not because of

722
00:35:34,040 --> 00:35:35,920
Speaker 1: me and you all the time, because they want to

723
00:35:35,920 --> 00:35:37,919
Speaker 1: do their class with their you know, with for Zach

724
00:35:38,000 --> 00:35:40,799
Speaker 1: Fitness or with Viction Dance, or with Jane do or

725
00:35:40,920 --> 00:35:43,160
Speaker 1: or or with Drift. There's lots of different things, and

726
00:35:43,200 --> 00:35:46,880
Speaker 1: we want to establish the relationship between the talent and

727
00:35:46,960 --> 00:35:49,680
Speaker 1: the subscriber, and that's definitely what we're focused on. We

728
00:35:49,719 --> 00:35:52,560
Speaker 1: are just the platform to to form that community. And

729
00:35:52,600 --> 00:35:54,719
Speaker 1: so just like fully says that, we say it's it's

730
00:35:54,800 --> 00:35:56,760
Speaker 1: it's a lot about the talent, it's a lot about

731
00:35:56,960 --> 00:35:58,960
Speaker 1: the instructor, and it always will be. And so we

732
00:35:59,040 --> 00:36:01,359
Speaker 1: definitely do a good job that the producers hate this

733
00:36:01,440 --> 00:36:03,399
Speaker 1: when I do this and I'm make an old man

734
00:36:03,440 --> 00:36:07,960
Speaker 1: reference here we go, well, this certainly isn't Jack Lolane.

735
00:36:08,160 --> 00:36:14,320
Speaker 1: I mean, this is see it's dead silence. Everybody's googling

736
00:36:14,440 --> 00:36:16,520
Speaker 1: right now. They're trying to figure out how to spell

737
00:36:16,640 --> 00:36:21,919
Speaker 1: the Lane. Back in the day, you know, people were

738
00:36:22,040 --> 00:36:25,240
Speaker 1: at home and at nine o'clock or whenever Jack Lane

739
00:36:25,280 --> 00:36:28,520
Speaker 1: came on TV for a half hour and everybody was

740
00:36:28,600 --> 00:36:32,440
Speaker 1: doing the light workout, which is great, but times have

741
00:36:32,640 --> 00:36:35,799
Speaker 1: change now. And what I love about it is that

742
00:36:35,920 --> 00:36:38,960
Speaker 1: with Neil, you not only do you have the exercise,

743
00:36:39,200 --> 00:36:43,799
Speaker 1: but you have the meditation. You have also kid classes

744
00:36:44,200 --> 00:36:47,840
Speaker 1: and that's available on the app. Can you explain and

745
00:36:47,880 --> 00:36:50,920
Speaker 1: more about that in all the things that you offer.

746
00:36:51,000 --> 00:36:53,239
Speaker 1: Also that we will that we have not touched on

747
00:36:53,360 --> 00:36:56,000
Speaker 1: yet and I love that the kids think with something

748
00:36:56,360 --> 00:36:59,160
Speaker 1: that I was really passionate about and was thinking in

749
00:36:59,280 --> 00:37:03,400
Speaker 1: early uh twenty. So it's like we we've we've worked

750
00:37:03,400 --> 00:37:05,680
Speaker 1: on the kids for a while UM and and loved

751
00:37:05,719 --> 00:37:08,399
Speaker 1: our Chief Continent Officer Michael Rourke UM is a really

752
00:37:08,400 --> 00:37:10,640
Speaker 1: big support of that too, has been in content for

753
00:37:10,680 --> 00:37:13,839
Speaker 1: thirty plus years. And when I brought up the kid's idea, UM,

754
00:37:14,040 --> 00:37:16,080
Speaker 1: it was a home run across the board with our team.

755
00:37:16,120 --> 00:37:19,520
Speaker 1: And so think about what happens right one All these

756
00:37:19,560 --> 00:37:21,279
Speaker 1: kids are at home now, are a lot of them.

757
00:37:21,320 --> 00:37:22,680
Speaker 1: Some of them are going back to school, but there's

758
00:37:22,719 --> 00:37:25,640
Speaker 1: still a lot at home. And during the pandemic, the

759
00:37:25,680 --> 00:37:27,440
Speaker 1: one thing that we forget is like, yeah, they're not

760
00:37:27,440 --> 00:37:30,960
Speaker 1: going to history and language and math, but what about

761
00:37:30,960 --> 00:37:33,960
Speaker 1: physical education? What about resets? We all know how important

762
00:37:34,000 --> 00:37:37,920
Speaker 1: recesses two kids, right, and so new New Kids that

763
00:37:37,960 --> 00:37:41,319
Speaker 1: we created and have done was a huge lifeline. So

764
00:37:41,360 --> 00:37:42,680
Speaker 1: a lot of these kids at home and to the

765
00:37:42,719 --> 00:37:45,239
Speaker 1: parents at home to get them moving, jumping around. We

766
00:37:45,280 --> 00:37:47,080
Speaker 1: have it for six year old, eight year old, ten

767
00:37:47,160 --> 00:37:49,200
Speaker 1: year old, all of you know, twelve year old. So

768
00:37:49,239 --> 00:37:51,680
Speaker 1: it's like we we created that. And it's also this

769
00:37:51,719 --> 00:37:53,800
Speaker 1: is really important. I think is there's kids on the screen.

770
00:37:54,320 --> 00:37:57,160
Speaker 1: It's real kids working out with the instructors doing lots

771
00:37:57,200 --> 00:37:59,920
Speaker 1: of funk things, and and kids can relate to other kids.

772
00:38:00,000 --> 00:38:03,840
Speaker 1: And so I strongly believe that kids need to find

773
00:38:03,880 --> 00:38:06,680
Speaker 1: health and wellness sooner than they are. We're working really

774
00:38:06,719 --> 00:38:08,760
Speaker 1: hard to trying to partner with you know, different boards

775
00:38:08,760 --> 00:38:13,400
Speaker 1: of education and getting involved with with physical education teachers kids.

776
00:38:13,440 --> 00:38:16,120
Speaker 1: Fitness and wellness is really important. I think it's a

777
00:38:16,160 --> 00:38:19,719
Speaker 1: great way to combat a lot of things and obesity

778
00:38:19,800 --> 00:38:22,520
Speaker 1: and and um you know, a d D and things

779
00:38:22,560 --> 00:38:25,359
Speaker 1: like that. There's so much stuff that fitness and and

780
00:38:25,480 --> 00:38:27,279
Speaker 1: wellness can do for kids, and we want to be

781
00:38:27,840 --> 00:38:31,440
Speaker 1: a really good positive, um you know line for that.

782
00:38:31,560 --> 00:38:33,439
Speaker 1: We want to get that happening. We want to show

783
00:38:33,440 --> 00:38:35,279
Speaker 1: them that that that you can do it and and

784
00:38:35,280 --> 00:38:38,000
Speaker 1: it allows We have so many stories of users getting

785
00:38:38,000 --> 00:38:39,440
Speaker 1: their kids and working out with them and it's a

786
00:38:39,440 --> 00:38:41,800
Speaker 1: good workout for both. And again it's just like helping

787
00:38:41,920 --> 00:38:43,960
Speaker 1: form these relationships and getting parents to be able to

788
00:38:44,000 --> 00:38:46,279
Speaker 1: do stuff with kids. I think it's really important. We

789
00:38:46,360 --> 00:38:48,319
Speaker 1: love it, and it's something we're going to continue to

790
00:38:48,360 --> 00:38:50,879
Speaker 1: push for the foreseeable future. And we love being able

791
00:38:50,880 --> 00:38:54,400
Speaker 1: to do lots of different things, like you said, meditation, kids, nutrition,

792
00:38:54,440 --> 00:38:57,480
Speaker 1: even motivational speaking. We've done some things the top you

793
00:38:57,520 --> 00:38:59,040
Speaker 1: know trainers where they come on and they just talk

794
00:38:59,120 --> 00:39:01,920
Speaker 1: about being positive. You have to be positive in your life.

795
00:39:02,120 --> 00:39:03,880
Speaker 1: You have to think about the things that you're capable of,

796
00:39:03,960 --> 00:39:06,040
Speaker 1: and people need to hear that from from people that

797
00:39:06,080 --> 00:39:08,120
Speaker 1: they look up to, and just doing that, we have

798
00:39:08,200 --> 00:39:10,960
Speaker 1: thousands of people looking into that stuff and watching that content.

799
00:39:11,040 --> 00:39:13,400
Speaker 1: So we love the fact that we can be a platform.

800
00:39:13,560 --> 00:39:15,640
Speaker 1: We can do a lot of different things, and kids

801
00:39:15,719 --> 00:39:17,480
Speaker 1: is just one of the cool pieces that we could do.

802
00:39:17,680 --> 00:39:19,680
Speaker 1: Now you talked about content. I've seen some of the

803
00:39:19,760 --> 00:39:22,560
Speaker 1: videos that are up there. They're extremely well lit, they're

804
00:39:22,560 --> 00:39:24,920
Speaker 1: extremely extremely well shot. Do you have to hire a

805
00:39:24,920 --> 00:39:27,160
Speaker 1: production company every time you do one of these or

806
00:39:27,440 --> 00:39:29,200
Speaker 1: do you just step an in house person that takes

807
00:39:29,239 --> 00:39:31,440
Speaker 1: care of it. Yeah. So, like I said in the beginning,

808
00:39:31,440 --> 00:39:34,760
Speaker 1: where we spent all the money on creating the quality

809
00:39:34,760 --> 00:39:37,759
Speaker 1: of content, we have an in house team. We have

810
00:39:37,800 --> 00:39:41,239
Speaker 1: a control room. Everything is at NEO. You the state

811
00:39:41,360 --> 00:39:43,920
Speaker 1: state of the art, life, state of the art sound equipment.

812
00:39:43,960 --> 00:39:47,080
Speaker 1: Everything is done top notch, no corners cut. This is

813
00:39:47,080 --> 00:39:50,359
Speaker 1: a movie grade quality stuff. Uh, and so we we

814
00:39:50,520 --> 00:39:53,440
Speaker 1: really pride ourselves on the quality of content and you

815
00:39:53,520 --> 00:39:55,520
Speaker 1: just watch them. You said it, and that's what makes

816
00:39:55,560 --> 00:39:57,200
Speaker 1: me so happy is knowing that we've done it. We've

817
00:39:57,239 --> 00:39:58,640
Speaker 1: done a really good job of that. So we are

818
00:39:58,680 --> 00:40:02,279
Speaker 1: not outsourcing and doing different things to try to cut

819
00:40:02,280 --> 00:40:05,120
Speaker 1: the corners. We want to give you the best possible experience.

820
00:40:05,400 --> 00:40:07,680
Speaker 1: It's all built in it near you. We have dynamic

821
00:40:07,719 --> 00:40:09,760
Speaker 1: studios where we can change the colors of the walls,

822
00:40:09,800 --> 00:40:12,359
Speaker 1: the logos on the walls to look and feel like

823
00:40:12,440 --> 00:40:15,880
Speaker 1: different brands, and the sound equipment and how we do

824
00:40:15,920 --> 00:40:17,880
Speaker 1: all this is really as good as it get. And

825
00:40:17,920 --> 00:40:20,160
Speaker 1: that reflects all the way down to the consumer and

826
00:40:20,200 --> 00:40:22,640
Speaker 1: the experience that they're having. And so I promised with

827
00:40:22,680 --> 00:40:25,279
Speaker 1: you you're gonna get the top knotch stuff. So, Nate,

828
00:40:25,520 --> 00:40:27,759
Speaker 1: just as we wrap up here, like where does the

829
00:40:28,120 --> 00:40:30,839
Speaker 1: business go from here? I mean, it's fiercely competitive as

830
00:40:30,880 --> 00:40:34,879
Speaker 1: we've been talking about. It's also there's also this whole

831
00:40:34,920 --> 00:40:36,960
Speaker 1: notion of we are in a global pandemic. We know

832
00:40:37,040 --> 00:40:41,600
Speaker 1: that the broader fitness business broadly defined fitness and wellness

833
00:40:42,320 --> 00:40:46,200
Speaker 1: has certainly suffered a bit, especially the physical locations. I mean,

834
00:40:46,320 --> 00:40:48,840
Speaker 1: I think about here, uh in the New York area

835
00:40:49,120 --> 00:40:52,640
Speaker 1: and Manhattan specifically, boutiques as you well know, are not

836
00:40:52,680 --> 00:40:56,680
Speaker 1: allowed to open their legal fights all around that. What

837
00:40:56,960 --> 00:41:01,840
Speaker 1: happens with you guys over the next year or two, obviously,

838
00:41:01,880 --> 00:41:04,920
Speaker 1: depending on what happens that in the world will will

839
00:41:05,000 --> 00:41:07,399
Speaker 1: have a big impact on that. But what's the game

840
00:41:07,400 --> 00:41:09,839
Speaker 1: plan in terms of growth? Is this a time that

841
00:41:09,880 --> 00:41:12,479
Speaker 1: you get bigger through acquisition? Like what are you thinking

842
00:41:12,480 --> 00:41:15,719
Speaker 1: about here? Yeah? So we're focused on awareness. We've we've

843
00:41:15,840 --> 00:41:19,400
Speaker 1: we've built it, um, we've created it. It's ready for

844
00:41:19,440 --> 00:41:21,439
Speaker 1: the world to see that near you exist, that it's

845
00:41:21,480 --> 00:41:24,560
Speaker 1: it's the best option that the marketplace is where you

846
00:41:24,560 --> 00:41:26,200
Speaker 1: can find all this and we can be a one

847
00:41:26,200 --> 00:41:29,279
Speaker 1: stop shop for everyone's answer, whether they're you know, a

848
00:41:29,320 --> 00:41:31,600
Speaker 1: concept or a Jim own or a trainer or the

849
00:41:31,640 --> 00:41:34,160
Speaker 1: consumer looking to sign up. We need to create create

850
00:41:34,200 --> 00:41:36,440
Speaker 1: some awareness. So the next six months a year for

851
00:41:36,560 --> 00:41:39,480
Speaker 1: us is about creating that. Really focused on getting the

852
00:41:39,560 --> 00:41:42,240
Speaker 1: name near you out there, letting people know we exist

853
00:41:42,280 --> 00:41:45,200
Speaker 1: and lots of different places, countries, and that takes a

854
00:41:45,200 --> 00:41:47,120
Speaker 1: lot of work. You guys are I'm sure aware of

855
00:41:47,400 --> 00:41:50,279
Speaker 1: you know how paid media works very very saturated, and

856
00:41:50,640 --> 00:41:52,680
Speaker 1: you know, so you have to focus on social media,

857
00:41:52,719 --> 00:41:54,840
Speaker 1: you have to focus on affiliate, you have to focus

858
00:41:54,880 --> 00:41:58,160
Speaker 1: on during brand partnerships. And so we're gonna we're gonna

859
00:41:58,160 --> 00:42:00,600
Speaker 1: stay on that PAP. We want to let the world

860
00:42:00,640 --> 00:42:02,719
Speaker 1: know that you you exist. We worked really hard on

861
00:42:02,840 --> 00:42:06,279
Speaker 1: creating it and now it's time to find you know,

862
00:42:06,360 --> 00:42:09,000
Speaker 1: and build the community. And so that's gonna be our focus.

863
00:42:09,000 --> 00:42:11,280
Speaker 1: And we hope to work with a lot of partners

864
00:42:11,320 --> 00:42:13,759
Speaker 1: that that you know, want to be you know, on

865
00:42:13,800 --> 00:42:16,480
Speaker 1: a team with us and and hopefully we can be

866
00:42:16,640 --> 00:42:19,040
Speaker 1: really good at creating the awareness. You have to be

867
00:42:19,400 --> 00:42:21,320
Speaker 1: you know, smart, and you have to be thoughtful, and

868
00:42:21,760 --> 00:42:25,000
Speaker 1: creativity is important and you hit it. You know, it's saturation.

869
00:42:25,080 --> 00:42:27,840
Speaker 1: There's a lot of options out there, most of them

870
00:42:27,960 --> 00:42:30,040
Speaker 1: are in the hardware space, so we like that we're

871
00:42:30,160 --> 00:42:33,160
Speaker 1: very differentiated from that. But we hope that we can

872
00:42:33,200 --> 00:42:36,520
Speaker 1: really cement ourselves over the next six months to twelve

873
00:42:36,600 --> 00:42:39,960
Speaker 1: months of being a true leader in a marketplace and

874
00:42:40,160 --> 00:42:42,640
Speaker 1: in the content space for digital wellness. And so that's

875
00:42:42,680 --> 00:42:44,680
Speaker 1: what h what I'm thinking about every day when I

876
00:42:44,680 --> 00:42:48,560
Speaker 1: wake up, and besides maybe trying to win Wimbledon again. Um,

877
00:42:48,800 --> 00:42:50,839
Speaker 1: those two things start with me of you, but then

878
00:42:50,840 --> 00:42:53,960
Speaker 1: I go to Wimbledon after that. But uh, but yeah,

879
00:42:53,960 --> 00:42:56,560
Speaker 1: we're we're focused on creating the awareness and letting people

880
00:42:56,600 --> 00:42:58,200
Speaker 1: know that we exist, and I hope it's going to

881
00:42:58,280 --> 00:43:01,160
Speaker 1: be a fun, uh you know, journey to get that done.

882
00:43:01,320 --> 00:43:02,959
Speaker 1: So do you raise more money? I mean, you guys

883
00:43:02,960 --> 00:43:05,880
Speaker 1: have been very successful raising money from some big name investors.

884
00:43:05,880 --> 00:43:09,880
Speaker 1: Mike Garreghetti, who many people know as the CEO of Aries.

885
00:43:10,440 --> 00:43:12,719
Speaker 1: What's the plan that sort of going forward? Do you

886
00:43:12,760 --> 00:43:15,759
Speaker 1: have what you need or do we see more fundraising

887
00:43:15,760 --> 00:43:18,560
Speaker 1: down the line. Yeah, So we are currently fundraising today.

888
00:43:18,920 --> 00:43:21,080
Speaker 1: Sometimes I feel like we're always fundraising. I think you'll

889
00:43:21,120 --> 00:43:23,279
Speaker 1: get that from most most entrepreneurs. That never ends. But

890
00:43:23,320 --> 00:43:26,680
Speaker 1: we are definitely fundraising today. Um. You know, look, we're

891
00:43:26,680 --> 00:43:28,839
Speaker 1: out for our We're calling you our Series D and

892
00:43:28,920 --> 00:43:32,160
Speaker 1: we have fundraise before and it's been successful, but this

893
00:43:32,200 --> 00:43:35,279
Speaker 1: will be a really the true first growth round for

894
00:43:35,400 --> 00:43:38,680
Speaker 1: us where we can pour gasoline on this thing and

895
00:43:38,680 --> 00:43:41,080
Speaker 1: and watch it explode and really get out to the world.

896
00:43:41,120 --> 00:43:44,239
Speaker 1: And so we are looking for investors. Uh, you know,

897
00:43:44,280 --> 00:43:47,200
Speaker 1: it can be personal, it can be institutional. We're also

898
00:43:47,239 --> 00:43:49,520
Speaker 1: talking to some athletes We're looking for the right partner

899
00:43:49,560 --> 00:43:52,360
Speaker 1: that believes in the marketplace, believes in what you know

900
00:43:52,440 --> 00:43:54,440
Speaker 1: I can do as an entrepreneur in the CEO, but

901
00:43:54,520 --> 00:43:56,600
Speaker 1: you know, really just believes in NEOU and wants to

902
00:43:56,600 --> 00:43:59,399
Speaker 1: be a positive partner for us. And so we're having

903
00:43:59,440 --> 00:44:02,480
Speaker 1: a lot of com versations already. Um. I love, you know,

904
00:44:02,560 --> 00:44:04,400
Speaker 1: doing this part of the business, Like that's how I

905
00:44:04,440 --> 00:44:07,280
Speaker 1: met um Eric Jetty and what he's been a mentor

906
00:44:07,360 --> 00:44:09,279
Speaker 1: to me and the conversations that I get to have.

907
00:44:09,320 --> 00:44:12,239
Speaker 1: And we have some other great investors that that have

908
00:44:12,320 --> 00:44:14,400
Speaker 1: also put in and believe in near you, and so

909
00:44:14,800 --> 00:44:18,160
Speaker 1: we are definitely fundraising. I'm excited about this round because

910
00:44:18,160 --> 00:44:20,799
Speaker 1: it will be our first true growth round and I

911
00:44:20,840 --> 00:44:23,400
Speaker 1: hope we can find a great partner. Um. But but

912
00:44:23,440 --> 00:44:25,680
Speaker 1: that definitely goes hand in hand with with the awareness

913
00:44:25,760 --> 00:44:27,799
Speaker 1: we need to do one to do the other. They

914
00:44:27,960 --> 00:44:30,239
Speaker 1: both work together, so it's important that we do that.

915
00:44:30,360 --> 00:44:32,720
Speaker 1: I mean, it's interesting and I'll make my own throwback

916
00:44:32,800 --> 00:44:37,600
Speaker 1: reference here and as my co host, no uh Nate,

917
00:44:37,719 --> 00:44:41,439
Speaker 1: this is an ironic one because I am I don't

918
00:44:41,480 --> 00:44:44,240
Speaker 1: have an ample head of hair, but I do think about,

919
00:44:44,719 --> 00:44:46,719
Speaker 1: you know, the old hair club for men you know,

920
00:44:46,960 --> 00:44:50,360
Speaker 1: I'm not just the CEO. I I'm a client. I

921
00:44:50,360 --> 00:44:53,920
Speaker 1: mean a lot of the investment in these types of

922
00:44:54,360 --> 00:44:57,040
Speaker 1: companies has come from people who kind of fall in

923
00:44:57,080 --> 00:44:58,880
Speaker 1: love with the product, right. I mean that's one of

924
00:44:58,920 --> 00:45:02,640
Speaker 1: the interesting sort of nexus next I as it were,

925
00:45:02,719 --> 00:45:05,160
Speaker 1: of the fitness world, is that a lot of your

926
00:45:05,360 --> 00:45:08,560
Speaker 1: your customers end up being the folks were ultimately investing,

927
00:45:08,560 --> 00:45:11,400
Speaker 1: and that certainly fueled a lot of the um success.

928
00:45:11,480 --> 00:45:14,560
Speaker 1: It feels like in the fitness and wellness business. Absolutely.

929
00:45:14,600 --> 00:45:16,759
Speaker 1: You know, we get a lot of calls that I'm

930
00:45:16,800 --> 00:45:19,799
Speaker 1: on today where you know, the investor says, oh, and

931
00:45:19,800 --> 00:45:21,839
Speaker 1: we use neo U and that's a really great way

932
00:45:22,160 --> 00:45:24,520
Speaker 1: to start the call. I love those, right because I'm like, Okay,

933
00:45:24,560 --> 00:45:26,560
Speaker 1: you know what you're doing, you know what the product

934
00:45:26,680 --> 00:45:30,040
Speaker 1: is and the user experience, and so that's that's important.

935
00:45:30,120 --> 00:45:33,360
Speaker 1: Also in finance and fundraising, you health and wellness is

936
00:45:33,360 --> 00:45:35,360
Speaker 1: a really big, you know, part of a lot of

937
00:45:35,360 --> 00:45:39,160
Speaker 1: their lives. So I think that industry has evolved. It's

938
00:45:39,160 --> 00:45:41,919
Speaker 1: really interesting. I think it's becoming not so much about

939
00:45:41,920 --> 00:45:43,920
Speaker 1: the XS and os, which will always be important, right,

940
00:45:43,960 --> 00:45:46,239
Speaker 1: the numbers on paper, but more about you know, the

941
00:45:46,280 --> 00:45:50,120
Speaker 1: operations um the operator, and some of these funds are

942
00:45:50,440 --> 00:45:54,600
Speaker 1: looking at investments differently about the CEO and the founder

943
00:45:54,680 --> 00:45:57,560
Speaker 1: and the vision and not so much about what they've

944
00:45:57,560 --> 00:45:59,799
Speaker 1: done already what they could do. And so you're finding

945
00:45:59,800 --> 00:46:02,399
Speaker 1: a more operators working in finance, and I think that's

946
00:46:02,400 --> 00:46:05,080
Speaker 1: what helping that industry evolve. And so we have a

947
00:46:05,080 --> 00:46:07,080
Speaker 1: lot of them using you you and wanted to get

948
00:46:07,080 --> 00:46:08,719
Speaker 1: on the phone because they use it. They believe that

949
00:46:08,760 --> 00:46:10,920
Speaker 1: means there's going to be millions of other people that

950
00:46:10,960 --> 00:46:12,600
Speaker 1: want to use it, and so I would definitely say

951
00:46:12,600 --> 00:46:15,040
Speaker 1: that I think that's that's something that's happening in all

952
00:46:15,120 --> 00:46:17,920
Speaker 1: investment industries, but definitely in health and wellness, and we

953
00:46:18,000 --> 00:46:19,960
Speaker 1: love that. We want more people to use it so

954
00:46:20,000 --> 00:46:21,480
Speaker 1: I can talk more about it and so they know

955
00:46:21,520 --> 00:46:24,120
Speaker 1: what they're talking about. All right, Well, we really enjoy

956
00:46:24,640 --> 00:46:27,120
Speaker 1: spending time with you. Thank you so much, Nate. Come

957
00:46:27,160 --> 00:46:30,400
Speaker 1: back and chat with us as you move along, because

958
00:46:30,680 --> 00:46:33,279
Speaker 1: obviously this is an area we're very interested in, the

959
00:46:33,320 --> 00:46:35,960
Speaker 1: broader world is very interested. Nate Forrester is the co

960
00:46:36,040 --> 00:46:39,600
Speaker 1: founder and CEO of NEO You. Thank you so much, man.

961
00:46:39,760 --> 00:46:42,359
Speaker 1: Thanks guys, really appreciated being here and enjoyed it. And

962
00:46:42,440 --> 00:46:45,400
Speaker 1: I hope everybody you know has a safe holiday and

963
00:46:45,640 --> 00:46:48,640
Speaker 1: get through and I look forward to connecting against soon. Alright, guys,

964
00:46:48,840 --> 00:46:53,320
Speaker 1: obviously a very passionate entrepreneur in Nate Forster. Yeah, I

965
00:46:54,000 --> 00:46:59,280
Speaker 1: love the enthusiasm and fitness, especially when it comes to

966
00:46:59,560 --> 00:47:04,040
Speaker 1: the home version certainly has had a moment during this pandemic.

967
00:47:04,520 --> 00:47:09,680
Speaker 1: Flabby Butts. Notwithstanding my I'm throwing that company to the wolves.

968
00:47:09,760 --> 00:47:12,040
Speaker 1: I'm done with that. I've done. I'll tell you one

969
00:47:12,080 --> 00:47:13,960
Speaker 1: thing I love. They had a good run. Though they

970
00:47:14,040 --> 00:47:17,759
Speaker 1: had a good run, they was they kept offering me

971
00:47:17,800 --> 00:47:22,359
Speaker 1: to Rito's and that was the problem. I love Neo

972
00:47:22,480 --> 00:47:26,680
Speaker 1: you for for many reasons. Obviously exercise part that that's great,

973
00:47:27,160 --> 00:47:30,320
Speaker 1: But I love the meditation and I think that's important,

974
00:47:30,440 --> 00:47:33,800
Speaker 1: especially during these times where maybe you need to clear

975
00:47:33,800 --> 00:47:36,440
Speaker 1: your mind and you take a class for meditation, and

976
00:47:36,560 --> 00:47:39,839
Speaker 1: especially the kids classes, because there was a phrase that

977
00:47:39,920 --> 00:47:42,120
Speaker 1: we used to have when I was a kid, and

978
00:47:42,120 --> 00:47:45,040
Speaker 1: it was just one sentence when you wanted to run outside. Hey,

979
00:47:45,120 --> 00:47:47,400
Speaker 1: let's get up a game. And I don't care if

980
00:47:47,400 --> 00:47:49,920
Speaker 1: you get football or a ball in a bat, but

981
00:47:50,080 --> 00:47:53,000
Speaker 1: that was the thing. And you don't have that anymore.

982
00:47:53,280 --> 00:47:55,640
Speaker 1: You have a lot of kids on video games now,

983
00:47:55,760 --> 00:48:01,160
Speaker 1: so hopefully the kids classes will help ark that move

984
00:48:01,320 --> 00:48:04,720
Speaker 1: to get everybody to go back maybe outside and play

985
00:48:04,880 --> 00:48:09,640
Speaker 1: football or basketball or whatever. Yeah, a good walk spoiled

986
00:48:09,760 --> 00:48:14,840
Speaker 1: is usually your your form of both meditation and frustration, right, Lynchy.

987
00:48:14,960 --> 00:48:17,919
Speaker 1: But yeah, you're a gym guy. Yeah, well, my wife

988
00:48:17,920 --> 00:48:19,480
Speaker 1: goes to the gym three or four days a week.

989
00:48:19,520 --> 00:48:21,000
Speaker 1: I have one down in the basement, so I'm the

990
00:48:21,080 --> 00:48:23,680
Speaker 1: chief skate of the family. But what I But I

991
00:48:23,719 --> 00:48:26,040
Speaker 1: was surprised though, is I thought when we mentioned Peloton

992
00:48:26,360 --> 00:48:28,720
Speaker 1: he was gonna like treat it as the home depot

993
00:48:29,200 --> 00:48:32,319
Speaker 1: in the neighborhood, sort of putting out the local hardware store.

994
00:48:32,320 --> 00:48:35,600
Speaker 1: But he actually praised Peloton. He thanked them and said

995
00:48:35,640 --> 00:48:38,200
Speaker 1: that the bigger road they pave, the better it is

996
00:48:38,239 --> 00:48:41,040
Speaker 1: for him, and that that surprised me. And uh, And

997
00:48:41,040 --> 00:48:44,960
Speaker 1: then listening to him, he's he's aggressive, he's every day

998
00:48:45,000 --> 00:48:46,720
Speaker 1: is a new day. How do I attract more people?

999
00:48:46,800 --> 00:48:49,480
Speaker 1: Because you know, when the weather changes, we talked about

1000
00:48:49,480 --> 00:48:51,439
Speaker 1: this in the North and the Northeast and all these

1001
00:48:51,680 --> 00:48:54,600
Speaker 1: cold weather places, people are not They're gonna be reluctant

1002
00:48:54,640 --> 00:48:56,239
Speaker 1: to go indoors, and they're gonna have to make a

1003
00:48:56,280 --> 00:48:58,520
Speaker 1: decision do I want to do it digitally or just

1004
00:48:58,560 --> 00:49:00,919
Speaker 1: sit on the couch and eat the rito's. Yeah, yeah,

1005
00:49:00,960 --> 00:49:06,000
Speaker 1: flabby but flabby buttons you. Um, it's a it's like

1006
00:49:06,280 --> 00:49:09,560
Speaker 1: Batman versus Superman. Um it is. Yeah. I think the

1007
00:49:09,600 --> 00:49:12,360
Speaker 1: Peloton thing is really interesting. You know, having spent a

1008
00:49:12,360 --> 00:49:14,840
Speaker 1: lot of time looking at Peloton and getting to know

1009
00:49:14,920 --> 00:49:17,680
Speaker 1: John fully over the years, I think he's right. I

1010
00:49:17,760 --> 00:49:19,920
Speaker 1: think that's the smart way to look at it, because

1011
00:49:20,840 --> 00:49:26,920
Speaker 1: the whole notion of working out at home was revived

1012
00:49:26,960 --> 00:49:29,600
Speaker 1: in some ways. I don't think they invented it at all,

1013
00:49:29,640 --> 00:49:33,080
Speaker 1: because to your point, bar about Jack Lane and then

1014
00:49:33,239 --> 00:49:37,359
Speaker 1: later on Jane Fonda, Richard Simmons, then the whole like

1015
00:49:37,560 --> 00:49:40,800
Speaker 1: p Ninet X Craze, you know that it's carried through.

1016
00:49:41,400 --> 00:49:46,120
Speaker 1: But Peloton just revolutionized it in many ways and turned

1017
00:49:46,160 --> 00:49:49,920
Speaker 1: it into a very high end content company. As we

1018
00:49:49,920 --> 00:49:52,200
Speaker 1: were talking about, and I liked what he said about

1019
00:49:52,560 --> 00:49:56,000
Speaker 1: the relationships that you end up forming with these instructors,

1020
00:49:56,040 --> 00:50:00,960
Speaker 1: obviously virtually and and remotely a real thing. I mean,

1021
00:50:01,040 --> 00:50:04,160
Speaker 1: you know, I have a Peloton full disclosure in my basement,

1022
00:50:04,360 --> 00:50:08,160
Speaker 1: and you know, I definitely look at when I hop on.

1023
00:50:08,239 --> 00:50:09,799
Speaker 1: It's like, all right, am I in the mood for?

1024
00:50:10,520 --> 00:50:12,880
Speaker 1: And I am a love Well ride or an Alex

1025
00:50:12,920 --> 00:50:15,239
Speaker 1: Tussant ride or Robin Arson. I mean, you know, you

1026
00:50:15,320 --> 00:50:19,719
Speaker 1: do sort of form these um these impressions and these relationships.

1027
00:50:19,719 --> 00:50:23,239
Speaker 1: So it'll be interesting to see as they continue to compete,

1028
00:50:23,760 --> 00:50:27,600
Speaker 1: because they're gonna be some winners and losers in this space,

1029
00:50:27,800 --> 00:50:29,919
Speaker 1: and they've got some good money behind them. I think

1030
00:50:29,920 --> 00:50:37,319
Speaker 1: this next round feels pretty critical for you. It feels

1031
00:50:37,360 --> 00:50:39,080
Speaker 1: better to be a number one than number five. I'll

1032
00:50:39,080 --> 00:50:40,880
Speaker 1: wear a number because of Mike. We have a chance

1033
00:50:40,920 --> 00:50:42,480
Speaker 1: to go for three in a row, good numbers in

1034
00:50:42,520 --> 00:50:44,600
Speaker 1: a good time. And I first started wearing the number,

1035
00:50:44,680 --> 00:50:48,200
Speaker 1: I would just have you floomberg business of sports, the

1036
00:50:48,320 --> 00:50:51,839
Speaker 1: number of the week. All right, it's time, it's time.

1037
00:50:51,880 --> 00:50:55,399
Speaker 1: I feel it's sort of confident but scared after last week.

1038
00:50:55,440 --> 00:50:58,240
Speaker 1: If I can just be honest and vulnerable with you guys,

1039
00:50:58,960 --> 00:51:01,160
Speaker 1: you know this is going to be I know when

1040
00:51:01,200 --> 00:51:03,200
Speaker 1: I say it, you're gonna say, oh man, this one

1041
00:51:03,280 --> 00:51:07,359
Speaker 1: is very easy, this one, you know what, Lynch. That's

1042
00:51:07,400 --> 00:51:11,640
Speaker 1: always the kiss of death, isn't it, Because there's no winning.

1043
00:51:11,760 --> 00:51:13,680
Speaker 1: There's no winning if you get It's like, well, you

1044
00:51:13,680 --> 00:51:15,359
Speaker 1: were supposed to get If you didn't get it, you're

1045
00:51:15,400 --> 00:51:19,000
Speaker 1: an idiot. This is whoever gets it? Jump in this

1046
00:51:19,080 --> 00:51:24,160
Speaker 1: is the number is twenty seven million dollars and and

1047
00:51:24,280 --> 00:51:28,440
Speaker 1: the clue is up in smoke, up in smoke, cheech

1048
00:51:28,480 --> 00:51:32,719
Speaker 1: and chong u. Twenty seven million dollars up and soil.

1049
00:51:32,760 --> 00:51:35,320
Speaker 1: See this is why they see. Now I feel stupid

1050
00:51:35,360 --> 00:51:37,480
Speaker 1: because I don't get it. Right off, I thought you

1051
00:51:37,520 --> 00:51:39,880
Speaker 1: were going to talk about the Dodgers and Braves last night,

1052
00:51:39,920 --> 00:51:42,239
Speaker 1: and then I was just gonna like put my headset down.

1053
00:51:45,680 --> 00:51:51,759
Speaker 1: Twenty seven million dollars in smoke smoke. You want to

1054
00:51:51,880 --> 00:51:59,080
Speaker 1: want another end? Yes, a disastrous free agent signing? Oh um, yes,

1055
00:51:59,400 --> 00:52:03,439
Speaker 1: ding ding Ding. I don't know. I don't know which

1056
00:52:03,480 --> 00:52:05,520
Speaker 1: side you'd take in this. I don't know if you

1057
00:52:05,560 --> 00:52:08,520
Speaker 1: take the Adam Gay side or living on Bill's side.

1058
00:52:09,080 --> 00:52:14,280
Speaker 1: But what happened to this guy? This guy in fantasy sports?

1059
00:52:14,920 --> 00:52:17,960
Speaker 1: This was the number one pick several years ago, and

1060
00:52:18,000 --> 00:52:21,040
Speaker 1: now all of a sudden he's a free agent. He

1061
00:52:21,640 --> 00:52:25,799
Speaker 1: left the Steelers. Uh, now he's been kicked out from

1062
00:52:25,800 --> 00:52:29,120
Speaker 1: the Jets. I don't I don't know what happened. I mean,

1063
00:52:29,280 --> 00:52:31,480
Speaker 1: I see it through and I am not a Jets fan,

1064
00:52:31,600 --> 00:52:34,560
Speaker 1: but I see it through the eyes of a lot

1065
00:52:34,600 --> 00:52:37,399
Speaker 1: of friends of mine who are Jet fans. It's like

1066
00:52:37,640 --> 00:52:40,960
Speaker 1: the Jets just find new and different ways to be

1067
00:52:41,120 --> 00:52:43,680
Speaker 1: bad at this. You know. It's like whether it's bad

1068
00:52:43,719 --> 00:52:46,919
Speaker 1: personnel choices, where it's bad relationships, whatever it is, it's

1069
00:52:46,960 --> 00:52:49,920
Speaker 1: just it's it's always something with the Jets. I have

1070
00:52:50,040 --> 00:52:53,279
Speaker 1: to say, sorry Jets fans, but but the problem is

1071
00:52:53,280 --> 00:52:55,719
Speaker 1: is that every Jets fan who's listening to this is like, yep,

1072
00:52:55,800 --> 00:52:59,560
Speaker 1: that checks out. That's right. I think about how wise

1073
00:52:59,600 --> 00:53:01,839
Speaker 1: Bill bell Check was back in two thousand, after one

1074
00:53:01,880 --> 00:53:03,840
Speaker 1: day he resigned as the h C of the n

1075
00:53:03,960 --> 00:53:06,880
Speaker 1: y J because he was when he was when he

1076
00:53:06,880 --> 00:53:08,920
Speaker 1: was supposed to take over for parcels, because he was

1077
00:53:08,960 --> 00:53:11,799
Speaker 1: unsure about ownership. He he didn't He thought it was

1078
00:53:12,000 --> 00:53:16,600
Speaker 1: an unstable franchise and very clouded and he was I

1079
00:53:16,640 --> 00:53:22,920
Speaker 1: think it hasn't gotten any clear. And Steve got Steve Gottman,

1080
00:53:23,120 --> 00:53:28,839
Speaker 1: Steve Gottman wanted Belichick to go in for psychiatric evaluation. Well,

1081
00:53:28,880 --> 00:53:30,920
Speaker 1: you know what, let I have to ask this real quick.

1082
00:53:31,680 --> 00:53:35,520
Speaker 1: Would Belichick take a levion bell now as a running back?

1083
00:53:35,600 --> 00:53:40,040
Speaker 1: Because yes, I could see that, yeah, without question, without questions. Yep,

1084
00:53:40,200 --> 00:53:43,200
Speaker 1: He's taken a lot of a lot of guys that

1085
00:53:43,280 --> 00:53:45,600
Speaker 1: have had problems, and some guys have worked out and

1086
00:53:45,640 --> 00:53:48,279
Speaker 1: some guys haven't. You know, he brought Albert Hainesworth in

1087
00:53:48,480 --> 00:53:50,800
Speaker 1: and he didn't he didn't hang around. He brought Shadow

1088
00:53:50,880 --> 00:53:53,600
Speaker 1: Rosinko and he didn't hang around. But Randy Randy Moss

1089
00:53:53,600 --> 00:53:55,760
Speaker 1: had a record setting year when he came here. Corey

1090
00:53:55,800 --> 00:53:57,759
Speaker 1: Dillon was part of a Super Bowl team when he

1091
00:53:57,800 --> 00:54:00,160
Speaker 1: came here. So he's taken a lot of quale. So

1092
00:54:00,239 --> 00:54:03,160
Speaker 1: Trint figures in, uh, you know, and they know when

1093
00:54:03,160 --> 00:54:04,719
Speaker 1: they go in there, you do what the Patriot Way

1094
00:54:04,800 --> 00:54:06,560
Speaker 1: or you hit the highway. But yes, he would take

1095
00:54:06,600 --> 00:54:10,160
Speaker 1: a chance on him. Yeah. Well maybe maybe he'll get

1096
00:54:10,200 --> 00:54:14,560
Speaker 1: his his sweatshirt cut at some point. We'll see. All right,

1097
00:54:14,680 --> 00:54:17,080
Speaker 1: you've been listening to Bloomberg Business of Sports. We're here

1098
00:54:17,080 --> 00:54:18,960
Speaker 1: each and every week at the same time, plus online

1099
00:54:19,000 --> 00:54:21,160
Speaker 1: wherever you get your podcast. You can catch those Mondays,

1100
00:54:21,200 --> 00:54:24,160
Speaker 1: Wednesdays and Thursdays. I'm Jason Kelly. Find me on Twitter

1101
00:54:24,239 --> 00:54:26,200
Speaker 1: at Jason Kelly bas and I'm Mike Lynch. You can

1102
00:54:26,239 --> 00:54:29,120
Speaker 1: follow me at Lynch e w CBB and I'm Michael

1103
00:54:29,160 --> 00:54:31,160
Speaker 1: bar on Twitter at dick Gar Sports. You're listening to

1104
00:54:31,200 --> 00:54:34,840
Speaker 1: Bloomberg Business of Sports from Bloomberg Radio around the world.