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- 1. sweta mahapatra | swetamah
- 2. People are stressed and don’t know how to deal Problem Persona Stressed, Trouble sleeping, Open to possibility
- 3. Guided and group meditation Music and Sleepcasts Workouts
- 4. ● Not publicly traded ● Valued at over $320 million Financials - Revenue
- 5. 2017 → 0.4 million 2020 → 2 million Financials - Paid Subscribers
- 6. 62 million downloads in 2020! 1 million downloads in 2014 to 6 million downloads in 2016. Went from...
- 9. Andy Puddicombe, Co-founder Rich Pierson, Co-founder Former Buddhist monk Former stressed Ad Executive CeCe Morken, CEO Veteran executive The C-Suite
- 10. A short history Began as a speaker series. First version of app launched. 2010 2012 2014 2017 2018 2020 Meditation “packs” launched. Corporate wellness offerings launched. Hit 1 million paid subscribers. Over 600 corporate partners.
- 11. Secret sauce Gamification Fun user Interface Popular brand partners
- 12. What’s hot Constantly updated content, like “the Wake Up” Headspace Health
- 13. Competition Headspace Calm 10% Happier Guided Meditation X X X Content for sleep X X X Exercise X Music X Structured courses X X X
- 14. Prediction - Success ● B2B pipeline is getting stronger ● Unique circumstances of pandemic encourage introspection
- 15. Questions?
- 16. Sources Headspace wiki HeadSpace press kit CeCe Morken for Forbes Inner Peace in the Palm of Your Hand - NYTimes Headspace app data Headspace for Forbes Crunchbase financials for Headspace Axios Headspace.com
Editor's Notes
- Hey everyone, I will be presenting on headspace, which is a meditation and mindfulness app. It was started in 2010 in the United Kingdom, and is currently headquarted in Santa Monica, CA. This is currently isn’t a publicly traded company. I chose headspace for this presentation because their whole mission is about are making meditation accessible, simple and trendy for all ages. I actually took a meditation class last semester, and got really interested in the space.I got the app a few months ago and have noticed a tangible improvement in my overall mood.
- So the primary problem that Headspace addresses is that people are stressed about many things in their lives and they don’t know how to deal with these stressors So going off of that, the people that need a meditation app like Headspace are anxious, they might have trouble sleeping, and most importantly they are open to holistic wellness strategies, like meditation
- Headspace’s main product is their app, which has a ton of really cool features. On the left, you can see some of the guided meditations they offer, including meditations to relieve stress, to address anxiety, and to focus at work. The app also offers different playlists and sleep podcasts and Lastly, they have recently added a “Move” section to their app, where they have a bunch of workouts available for users.
- Moving on to Headspace’s Financials. It was actually kind of tricky to find this information because they are a private company. But according to the former CEO and cofounder, Rich Pierson, Headspace is profitable. The graph on this slide shows how their revenue has grown over the past 6 years, estimated that they made 120 million in revenue in 2019. Valued at over $320 million, but for the past 2 years Headspace has not published their valuation. people think this is because they have fallen behind their close competitor, the Calm meditation app.
- Speaking to their growth in paid subscribers, they have gone from 0.4 million paid subscribers in 2017 to 2 million paid subscribers in 2020, so have shown an increase in popularity in the past years.
- One another thing to note is Headspace’s growth in downloads. They went from 1 million downloads in 2014, to 62 million downloads in 2020. Speaks to the growth of the meditation industry and Headspace as one of the frontrunners in the space
- Let’s get into how Headspace makes money. They have 3 streams of revenue that I want to mention. The first is their direct to consumer app, which goes with the freemium business model that is pretty common these days. This graphic shows the tiered pricing that is available.
- Apart from their direct to consumer app, Headspace also makes a lot of money from their B2B corporate partnerships. The 3rd stream of revenue is Headspace health (which is currently awaiting the FDA approval). I’ll talk a little more about Headspace Health in the “What’s Hot” part of the presentation
- The story of headspace really starts with these two men on the left. Andy Puddicombe: quit university and became a buddhist monk for 10 years. After his time in the monastery it became his mission to make meditation accessible and relevant. He met Rich Pierson in London. Rich was a super stressed executive and really empathized with Andy’s mission to change people’s lives via meditation. Andy would teach Rich how to meditate in exchange for help in developing meditation into something with market potential. And on the right is CeCe Morken: headspace’s first female CEO. Has overseen all of headspace’s growth throughout the pandemic, downloads have doubled. She is refining the company’s AI and machine learning tools
- TIMELINE 2010- started as a speaker series, where Andy would lead live guided meditations, was super popular and people wanted to take meditation “home with them” 2012- first version of the app launched 2014- meditation “packs” on topics like relationships, stress, sleep, and anxiety 2017- corporate wellness offerings 2018- hit 1 million paid subscribers 2020- have over 600 corporate partners
- The secret sauce that makes Headspace so popular is multifaceted. The app uses gamification and a fun user interface, like winning trophies and “levelling up” to encourage people to stick with their meditation practice every day. And lastly, their popular brand partners are huge for getting Headspace’s name out there.
- In general, the meditation and wellness industries are pretty hot right now, especially because of the circumstances of the pandemic. What’s unique and hot about Headspace right now is the new and fresh content everyday. Which is a huge attractor. One example is the Wake Up, which a brand new, 5 minute meditation that is released every morning. The other hot item is Headspace health - trying to deliver the first “prescription meditation app”. Waiting to get cleared by the FDA, but the idea is to have meditation programs that will treat people with stress-related chronic diseases.
- Currently, their role in the industry is just as a milker - there are other apps out there, like Calm and 10% Happier that are doing very similar things. They are inching towards becoming a mover as they have more frequently updated new content and are working on FDA approval for Headspace health.
- Will continue to succeed as the wellness market grows, and as long as they stay consistent with new content and continue to develop their corporate partnerships, will maintain a duopoly on the market with the Calm meditation app.