ValueMags has recently done research about Fitbit and this is what they found:
HISTORY
- Launched in 2007 as previously said
- Fitbit went public on the stock exchange on June 18th, 2015 at $30.40 which is 52% higher that its initial public offering (IPO)
- In August of 2015, the company had 7 products:
- 2 clippable activity trackers
- 4 wristband trackers
- 1 smart scale
- November 2015: Changed Charge HR and Surge to enhance its technology. The new system was called SmartTracker and allowed the device to identify what activities people were doing so they no longer had to manually tell the device, more accurate heart rate tracking
FINANCIALS
- As of 2014, Fitbit held 68% of the fitness tracking market
- The 1st two quarters of 2015, Fitbit generated revenue of $737 million (almost as much as they did in 2014) – they essentially doubled their revenue in a year
- The 1st two quarters of 2015, the company sold 8.3 million Fitbits whereas in 2014, they sold 10.9 million in all 4 quarters
- Over 80% of Fitbit orders were placed on Amazon of Fitbit’s official website
THE MARKET
- International Data Corporation (IDC) reported that the wearable devices market was growing faster than any other electronics segment between 2010 and 2014
- Sales in the segment tripled between 2013 and 2014
- Wearable products accounted for 90% of wearable products shipped in 2015
OTHER STATS
- Global Market Research Company, Ipsos, conducted a study that found:
- 8 out of 10 American adults had heard of a wearable device
- 4 out of 10 were very familiar with the device or owned one
- 18% of Americans planned to purchase one within the next 12 months
For more information about ValueMags and for a research audit about a company, contact them using the link provided above.
