Coronavirus pushes Weight Watchers to record digital subscribers
COVID-19 outbreak has led to spike in virtual activities
More people are using Weight Watchers amid the coronavirus pandemic.
WW International announced Monday that it hit 4.9 million subscribers June 6, up 7 percent from June 8 last year. That includes 3.8 million digital subscribers and 1.1 million for Studio+.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| WW | WW INTERNATIONAL INC. | 1.28 | -0.06 | -4.48% |
“We are accelerating our digital transformation, focusing our strategy and resources to enhance the member experience and engagement by delivering a connected, digital and deeply-human experience,” President and CEO Mindy Grossman said in a press release. “Our recently concluded Oprah's Your Life in Focus: A Vision Forward – Live Virtual Experience has led to over 3 million views, elevating our brand around the world for members and consumers.”
WW anticipates digital subscription revenues to increase as a percentage of the revenue mix in the second quarter as compared to the year before, according to the statement.
While revenues from studio subscriptions and in-studio product sales remain under strain in the second quarter of 2020 due to the pause in in-person workshops, the company said the decline has been at least partially offset by an uptick in digital subscribers and e-commerce sales.
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WW pivoted from in-person workshops to an entirely virtual experience to mitigate the spread of COIVD-19 but said it plans to slowly reopen some studio locations with robust safety measures.
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It expects to have 400 U.S. locations open by the end of June.
Shares closed up about 2 percent Monday and have shot up 83 percent in the last three months.