FRX - The Beachbody Company: Strong Brand But MLM Model Raises Concerns

• The Beachbody Company and MYXfitness is going public through a SPAC merger.
• The fitness industry is experiencing major structural changes as a result of the pandemic.
• The fitness industry is also highly saturated with new players, both small and large, capitalizing on at-home fitness options.
• Beachbody generates revenue from multiple sources, including Team Beachbody, which runs on a controversial revenue-sharing scheme.
• Due to a lack of moat as well as its controversial marketing strategy, I'm staying out of this one.

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