F45 Training is an Australian functional fitness franchise offering 45-minute, team-based HIIT workouts that exploded globally 2017-2021, reaching 1,750+ studios and a $1.5B IPO before collapsing 90% amid oversaturation and pandemic challenges.

Origins & Growth

Founded in 2012 in Sydney, Australia by Rob Deutsch, F45 (Functional 45) grew slowly until rebranding around 2016-2017:

• Team Training System: Combines functional movements (push, pull, squat, lunge) with HIIT circuits
• No Classes Repeat: 4,000+ workouts programmed centrally, daily variety
• Studios Worldwide: 1,750+ locations in 45+ countries by 2021
• Celebrity Investors: Mark Wahlberg became investor/spokesperson (2019), drove US expansion

IPO in July 2021 at $16/share, $1.5B valuation - peak of boutique fitness mania.

Workout Format

Cardio Days (Mon/Wed/Fri): 27 stations, 45 sec work/15 sec rest, heart-rate focused Strength Days (Tue/Thu/Sun): Weighted resistance, 35 sec work/25 sec rest Hybrid Day (Saturday): Mix of cardio and strength

Classes are coach-led but video screen-driven, showing exercises in real-time. Music synced to intervals. Members rotate through stations in small groups (2-4 people per station).

Culture & Marketing

F45 built community through:

• 8-Week Challenges: Nutrition program + workout tracking, weigh-ins, prizes for transformations
• Lionheart Tracking: Heart-rate monitors displayed on studio screens, gamified calorie burn competition
• Social Media: Members posted transformation photos, Lionheart stats, studio shoutouts
• Celebrity Endorsements: Mark Wahlberg, Hugh Jackman, David Beckham promoted brand

The franchise model encouraged studio owners to build local communities - members became friends, did challenges together, attended social events.

Decline & Collapse

Stock collapsed from $16 (July 2021) to $1.50 (May 2022), an 90%+ decline:

Oversaturation: Rapid expansion cannibalized existing studios, multiple F45s within miles in cities Pandemic impact: Temporary closures, competition from home fitness (Peloton, Apple Fitness+) High costs: Franchise fees ($50K-80K), monthly royalties (7%), equipment/tech costs Member churn: Monthly memberships ($200-250/month) hard to sustain long-term Lawsuit threats: Wahlberg/investors sued over alleged misrepresentation

By 2023, hundreds of studios closed, though brand retained loyal core in Australia, UK, and select US markets.

Comparison to Competitors

vs. Orangetheory: Similar HIIT/heart-rate model, but OTF more cardio-heavy (treadmills/rowers), F45 more functional movements vs. CrossFit: F45 more beginner-friendly, less Olympic lifting, team-based not competitive vs. Peloton: In-person community vs. at-home, higher price point

https://f45training.com https://www.forbes.com/ https://www.businessinsider.com/