brynn putnam

You Might Be Sore Tomorrow – Mirror Founder & CEO Brynn Putnam on the Business Casual Podcast, Hosted By Kinsey Grant

Check out the Business Casual Podcast Page

Key Takeaways

  • What’s Mirror?
    • An interactive home gym that’s quite literally in the form of a mirror, controlled by a companion app (they offer personal training AND fitness classes!)
  • How much does a Mirror device cost?
    • $1,495 (with a necessary $39/month subscription piled on top)
  • Mirror has big ambitions:
    • “We have aspirations to be the place you turn to for all interactive, immersive experiences. Fitness is one segment of our market, and I think we could build a multi-billion dollar business off of fitness alone, but we have aspirations to be the next iPhone. Our market is anyone who enjoys immersive, interactive experiences in the home across a wide range of disciplines.” – Brynn Putnam
  • Mirror plans to expand from the fitness market into meditation, physical therapy for seniors, and eventually, telemedicine

Intro

Mirror’s History & Numbers

  • Mirror launched in September 2018 after two years of product development
    • They’ve since sold 10s of thousands of devices!
  • 50% of Mirror users are located in the south/midwest U.S.
  • Mirror currently isn’t profitable, but Brynn says they have a “clear path to profitability in the near future”
  • To date, Mirror has raised close to $75 million in venture capital

How much does a Mirror device cost?

  • A baseline Mirror device costs $1,495 (with a necessary $39/month subscription piled on top)
    • This might sound expensive, but for $39/month, you’re able to access unlimited on-demand fitness classes for up to six household members (most households with Mirrors have at least two users)
  • 50% of Mirror devices are financed (70% of their sales are to homes with <$100k in total income)
    • Mirror now offer “expanded financing” ($0 down, 0% APR)

Your Fitness is Essential

  • 🎧 “Fitness is the baseline of confidence for many people. If you feel comfortable in your own body and skin, that translates into success in your career and personal life.”Brynn Putnam
  • There’s clearly a trend—people are learning to prioritize health and wellness, and discretionary income spend in the fitness space is growing

Mirror’s Ambitions Are HUGE (The Next iPhone??)

  • “Our objective from day one was to put Mirrors in every home” – Brynn Putnam
  • “We have aspirations to be the place you turn to for all interactive, immersive experiences. Fitness is one segment of our market, and I think we could build a multi-billion dollar business off of fitness alone, but we have aspirations to be the next iPhone. Our market is anyone who enjoys immersive, interactive experiences in the home across a wide range of disciplines.”Brynn Putnam
    • “Fitness is a great first experience for us, but there are many experiences where all those tenants hold true. We view ourselves as building dedicated real estate in the home, and building a brand and community around this new type of interaction.”
  • Brynn, in the past, said she hopes Mirror “becomes the third screen in someone’s home”
    • Your phone is the perfect device for sending a text or small informational interactions; your TV is great for passive entertainment; the Mirror, however, is built for interactive, immersive experiences

Mirror Has Huge Goals, But What About the Day to Day?

  • “I think the biggest thing is saying ‘no.’ When you’re building something where the possibilities are endless, and the growth potential is unlimited, it’s very tempting to do too many things at one time.” Brynn Putnam

The Next Chapter

  • Expanding on from the fitness space, Mirror next plans to launch a meditation platform in partnership with Lululemon. enabling them to begin tackling the wellness market
  • From there, Mirror plans to explore applications for seniors (i.e., physical therapy, rehab, etc.)

What about telemedicine?

  • Mirror currently enables users to hire and video chat with personal trainers—it’s easy to imagine how this might functionality might expand to a one-on-one doctor’s visit

Mirror is Thinking Ahead

  • All Mirrors have a functional camera and microphone:
    • “It’s really important to us that the Mirror you buy today will be the Mirror you use far into the future. We built the device with a camera and microphone inside, knowing it would be a future unlock.” – Brynn Putnam

The At-Home Fitness Industry

  • Brynn clears up a common misconception: At-home fitness isn’t a new industryBowflex built a multi-billion dollar business pre-internet utilizing catalog sales
    • Jane Fonda, back in the ’90s, built a booming business selling workout DVDs
    • “There’s always been an in-home need, but there’s been a mismatch—people were forced to sacrifice quality for convenience.”Brynn Putnam
      • Now, with advances in tech, we’re starting to see better options available: “Behaviors that people were already doing are now being met with better tools to serve their needs”
  • Related fact: The fitness app market is expected to be worth $14.7 billion by 2026

Is Mirror a tech or a fitness company?

  • “Neither; we view ourselves as a media company” Brynn Putnam
    • It makes sense—Mirror produces a ton of original fitness content for users: “We think all of our future success is predicated on how well we can create useful content that serves our users’ needs”

Will you always need a Mirror device to use their platform?

  • Nope! You’ll soon be able to access some of Mirror’s content solely within their app 

Who is Mirror’s biggest competition?

  • “I think we’re in a category of one—we’re competing against ourselves” – Brynn Putnam

Why not just go to a typical gym?

  • “I think, fundamentally, people need instruction … There’s this deficit in the fitness space between what people want and need to be successful, and the guidance they need.” – Brynn Putnam

What’s something Brynn believes that many others don’t?

  • Fat loss is best accomplished with dietary changes more so than exercise
    • “Exercise is definitely a component, but exercise without attention to diet is likely not going to get you where you want to go” – Brynn Putnam

Rapid Fire Questions

  • What does Brynn think is the most overrated fitness trend?
  • How many times does Brynn workout every week?
    • 2-3x
  • Is Brynn in or out on wearable fitness trackers?
    • In!: “Fundamentally, fitness trackers are a giving people a simple metric they can feel success around” – Brynn Putnam
      • (Like trying to hit 10,000 steps)
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