Posted by While many industries took a hit during the pandemic, a number found their golden opportunity to shine. Forced lockdowns brought to the forefront a plethora of in-home products and services consumers had never looked at so closely before.
Was it a flash in the pan? How are the industries that boomed during the pandemic faring now?
Zoom is one of the big winners that jumps to the forefront – serving as the lifeline for many to family members, friends, employers, and the outside world. During the pandemic, the platform saw a whopping 2900% increase in meeting participants. Zoom generated $4 billion in revenue in 2021 alone, which equated to a 53% increase over the previous year. At its height, Zoom’s value exceeded $100 billion.
Hardly sustainable growth figures, by November of 2022, the ubiquitous communications platform fell nearly 90% from its pandemic high, taking hits not just from people getting out of the house again, but also through competition from me-too meeting platforms like Microsoft Teams, Cisco, and Salesforce.
That is not to say Zoom isn’t alive and well – merely that its skyrocketing growth significantly slowed since the world returned to a semblance of normalcy. A 2023 study of 80 countries placed Zoom as the most popular video call platform globally, and Zoom currently holds the title of most downloaded business app in the US.
Netflix was another big beneficiary from pandemic fallout. During 2020, Netflix added almost 16 million customers who devoured the service during long stints at home. During the first half of 2022, however, Netflix lost an estimated 1.2 million subscribers, as other streaming services such as Disney+ and Hulu gained ground. Netflix has since managed a partial rebound, recovering 8.7 million subscribers during the fourth quarter of 2022.
Interest in home exercise equipment grew significantly during the pandemic, as consumers whiled away hours indoors craving physical activity. As a result, Peloton – the interactive fitness equipment company featuring exercise bikes, treadmills, and indoor rowing machines – boomed. Peloton sales surged 172% during the pandemic, fueled by lockdowns that encouraged many to work on their long put-off fitness goals.
In 2021, Peloton achieved revenue of $4.2 billion, but saw that figure drop to $3.58 billion by 2022. As Peloton continued to see sales plummet, the company is scrambling to do damage control by pursuing subscriptions instead of focusing on hardware, among other efforts.
Other market sectors experienced pandemic boosts, such as grocery and meal delivery services, and comfort clothing brands. To see more of who hit the big time and whether they survived the aftermath, keeping reading here.