Opinion
Eric Min believes $10 is the optimal home fitness subscription price
“And we think that that solution is, is probably in the home. It's gotta be very, very, you know cost effective. So I think 10 dollars is, is, is probably the sweet spot.”
Insight
Digital fitness platforms must build social community during the actual workout
“People like to work out with other people. So that you need to bring a social community. And so not after the fact, but during the activity.”
Assertion Not checkable as stated
Zwift retains approximately 70% of its user base throughout the year
“So from the numbers that we see today it's probably, you know, 70% of the people will hang on throughout the year.”
Assertion Supported
Zwift charges $10 monthly as a pure software subscription
“It's, we're a pure software company. It's a subscription business. We charge 10 dollars a month in, in most most countries.”
Disclosure
Zwift has raised $45 million to date, including a Series A
“We just closed a series A round back in November. We've raised forty five million dollars a date.”
Assertion Not checkable as stated
Eric Min's previous enterprise software company secured a $100 million contract
“So we were sitting on what amounted to a hundred million dollar contract.”
Assertion Not checkable as stated
Investors in Eric Min's previous enterprise platform received an 8x return
“Right. In order to return eight times it was investors received eight times that money.”
Assertion Not checkable as stated
Zwift has had over 300,000 user accounts created to date
“We've had some simple basic information that would include about over 300,000 accounts created.”
Assertion Not checkable as stated
Zwift users have logged over 5 million hours of virtual pedaling
“Over, over the course of so far, we've had over five million rides. Okay. And over five million hours of pedaling. The average ride is one hour”
Assertion Not checkable as stated
Zwift users logged 202,000 hours spectating other people's virtual rides
“Another interesting metric is 202,000 hours of what we call fan viewing. People logging in just to watch other people.”
Assertion Not checkable as stated
Zwift acquired 100,000 new users in just four winter months
“Between November and now it's now March, 2017, you've signed up another about a 100,000 people”
Disclosure
Zwift rejects freemium, offering a strict 20-kilometer free monthly trial instead
“We don't have any free users. What we have is a trial. Okay. And today what you get is a little taste of Zwift every month. So you get to ride 20 kilometers, or about 18, 12 miles a month, so everyone can dip in. We don't have any year-long contracts at the mo…”
Assertion Not checkable as stated
The Zwift community organizes over 700 virtual riding events every month
“So there are all sorts of, I think the last I checked, there are over 700 events being organized every month by the community.”
Assertion Not checkable as stated
Eric Min claims 95% of Zwift's user acquisition is entirely organic
“95% of our user acquisition is, is organic.”
Assertion Not checkable as stated
Zwift spends well under $100,000 per month on digital advertising
“Oh, for sure. Come on. That's a lot for us actually.”
Assertion Supported
Zwift Academy awarded a professional cycling contract to a female user
“1200 ladies from around the world signed up for this program. And it, the three finalists, so they had to go through a number of different tests and training programs, all on Zwift, and they were being monitored by coaches, certified coaches. We took three fin…”
Disclosure
Zwift's primary strategic objective is reaching one million paying subscribers
“So for us, it's a race to acquire a millionth customer.
It's a race to get to a millionth subscriber.”
Assertion Not publicly verifiable
PayPal co-founder Max Levchin serves as an advisor to Zwift
“Max Levchin is an advisor of us. I've got five incredible advisors, and they all bring different things to the table.”
Assertion Supported
Zwift calculates in-game propulsion using weight, terrain, and drafting
“Based on your weight, how fast you're pedaling, and a couple of other factors, we propel you in the game. So your weight matters. The kind of equipment that you have in the game actually matters. The terrain that you're riding on in the game matters. All of th…”
Disclosure
Eric Min and his co-founder self-funded Zwift with millions
“My, let's see, we seeded the business for, I, you know, my partner and I, we had an open checkbook, but committed a couple million dollars to build this.”
Disclosure
Zwift raised a $7 million friends and family funding round
“We had friends and family raised about seven million dollars.”
