I looked at MyFiziq a while ago. The basic premise of their app and service is that they can conduct an accurate body scan, using your smartphone's camera and a bunch of algorithms calculate your body composition with a high degree of accuracy. While there are scales that can tell you your body-fat percentage or do can pay for a DEXA scan (figure on around $100 for each scan). MyFiziq gives comparable results. They've now signed a deal with Fitocracy, a huge health and fitness focussed social network, to offer their scanning tech as part of the on-boarding process for people looking to get fitter and track their progress.
It's great to see a local company do more than just offer an app but have a solid monetisation path. When I looked at MyFiziq a few months ago, the app required two people to use effectively; someone to hold the phone and camera, and the person being scanned. But a new release of the app, that's coming next month, will allow you to scan yourself using your smartphone's front camera.
Basically - its a smarter selfie.
With the advent of the single-user mode, MyFiziq's founder and CEO Vlado Bosanac said the proposition of the app and service became a lot more attractive to potential partners. Fitocracy boasts 12.5 million active users, of which 2.5 million are paying customers. As a former member of Fitocracy, I can attest that it is a vibrant and supportive community that also offers great advice from experts.
MyFiziq has an SDK that will allow Fitocracy to integrate the body scanning service into their own app. Although Fitocracy will be paying for access to the service , they expect to have at least 500,000 of their subscribers paying for access, giving MyFiziq a solid revenue stream.
The MyFiziq pricing model with Fitocracy is structured to create customer retention and low friction when assessing value over a 12-month subscription.
- 1 – 999,999 monthly users US$1.50 per user per month – US$18.00 per annum
- 1,000,000-2,999,999 monthly users US$1.00 per user per month – US$12.00 per annum
- 3,000,000 or more monthly users US$0.80 per user per month – US$9.60 per annum
With an initial target of 500,000 Fitocracy users subscribing to the MyFiziq solution, potential revenue to MyFiziq, excluding future Fitocracy growth, could reach US$9 million.
In addition, Bosonac said the company is negotiating with other major payers in the sports apparel industry although he couldn't name names due to commercial conditions of the negotiations.