Fitbit Revenue And User Statistics In 2023

Fitbit is a consumer electronics and fitness company based in the United States that specializes in producing wireless-enabled wearable tech, fitness monitors, smartwatches, activity trackers, and pedometers.

The company was created by James Park and Eric Friedman in 2007 and is one of the biggest wearable companies in the world that goes head to head with giants like Samsung and Apple.

But exactly how big is Fitbit in terms of revenue and user statistics? If you’re curious to know more about this, then read this to the end.

Fitbit’s Timeline

A lot has happened since Fitbit entered the wearables industry. So before diving into the actual revenue and user statistics, it’s good to look at Fitbit’s evolution since it was founded.

2007

James Park and Eric Friedman saw the potential that sensors could have on the world when combined with portable devices that were starting to become popular back then. So they set up the company and raised $400,000 as the first seed money to take the company to the next level.

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2008

Fitbit committed itself to its first-ever round of funding in October 2008. The attempt was successful as the company raised $2 million from companies like SoftTech VC, True Ventures, and a host of other angel investors.

2010

Fitbit had a second round of funding where $8 million was raised, and at the same time, that was the year Brad Feld from Foundry joined Fitbit. These two factors played a huge role in pushing Fitbit to the next step.

2011

Fitbit Ultra, the first ever Fitbit app, which worked on iPhones, was launched. It featured revolutionary tools like a digital clock, altimeter, stopwatch, and chatter motivational messages.

However, there was a small bump in the road when it was discovered that the app was sharing sensitive information with Google, including data from users who recorded their sexual activities.

2012

Fitbit Zip and Fitbit One were launched, allowing users to link the devices with their smartphones through Bluetooth Smart directly. The Fitbit One was explicitly released to replace the Fitbit Ultra.

2013

Once again, Fitbit was hit with another rough patch when it was sued for copyright infringement and unfair business practices by Fitbug, a startup company based in London. However, Fitbug lost the lawsuit.

And in turn of good tidings, that same year, Fitbit raised another $43 million in its third round of funding. Most of the cash came from existing and new investors like Qualcomm Ventures, Softbank Capital, and SAP Ventures. The launch of Fitbit Force followed this.

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2014

Fitbit apps introduced passive tracking, which allowed users to access their fitness data. In that same year, Fitbit Force was recalled due to causing skin irritation and rashes on a good number of wearable users.

2014 was also the year HTC integrated Fitbit’s app on all HTC One smartphones. Once again, the company was accused of selling user data to third parties by a US senator, Chuck Schumer.

2015

Fitbit expanded by acquiring FitStar, which was a popular coaching app developer. It also became a household name in the United States by achieving a $1.4 billion IPO, effectively breaking through the wearable tech industry to join the other big established players.

But going public led to the company being caught up in two major lawsuits by Jawbone.

2016

Fitbit users were hacked in January 2016 in one of the biggest cyberattacks on any company in recent years. But that didn’t stop Fitbit from releasing the Fitbit Alta. This was also the year that Fitbit was cleared of all accusations that had been levied against them by Jawbone in the 2015 lawsuit.

2017

Fitbit Alta HR was launched, which introduced a heart rate monitor on top of an innovative feature that tracked the different stages of sleep.

2018

Fitbit’s revenues took a hit despite the Fitbit Versa making news by becoming the company’s fastest-selling product. Probably buoyed by this, the company quickly released Fitbit Versa Lite, which performed badly.

As you can see, the company has had quite a ride.

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Fitbit Revenue Statistics

First, let’s talk about revenue statistics.

1. Fitbit’s year-end revenue in 2021 was $1.21 billion

Photo by RDNE Stock project/ Pexels

This represented an increase of $0.08 billion from the previous year. The company has been on a rising trajectory since its creation in 2007. Since Fitbit introduced the Fitbit Classic to the market, it has sold over 76 million devices worldwide.

This saw the company’s annual revenue shoot from just $5 million in its early years to over $2.16 billion in 2016, which, to date, remains the best-performing financial year for Fitbit.

As of the close of the third quarter in 2017, Fitbit accounted for 14% of the total wearables market globally, an excellent performance considering its huge competitors like Apple, Samsung, Huawei, and Xiaomi.

Here’s a breakdown of Fitbit’s revenue since 2014.

YEAR	REVENUE
2014	$740 million
2015	$1.85 billion
2016	$2.16 billion
2017	$1.61 billion
2018	$1.51 billion
2019	$1.43 billion
2020	$1.13 billion
2021	$1.21 billion

2. Fitbit sells six health and fitness trackers

Fitbit’s biggest money makers are the six fitness and health trackers that it has been producing since 2010. They include Counting Steps, Distance, Calories, Sleep Tracking, Heart Rate Monitoring, and Active Minutes.

Four of these devices, Fitbit Charge HR, Fitbit Surge, Fitbit Charge, and Fitbit Flex, are wristbands with a retail price value that ranges between $49.95 and $329.95.

The combined sale of these devices rose from just 60,000 units in 2010 to over 10 million units in 2014. The number keeps growing every year as the demand for Fitbit devices continues to soar well into 2023.

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3. Fitbit made $72.7 million in the Asia-Pacific region in 2020

Photo by Suzy Hazelwood/Pexels

The Asia-Pacific region is one of the biggest Fitbit markets. At the close of the third quarter of 2020, the company had made $72.7 million in revenue based on ship-to-destination purchases. The combined total amount of revenue that Fitbit made in 2019 from the APAC region was $130 million.

4. Fitbit sold 10.6 million devices in 2021

Fitbit devices sold worldwide have been going up and down since 2014, with the best year being 2017 when 25.4 million devices were sold worldwide. Here’s an overview of how things have been in terms of device sales between 2014 and 2021.

YEAR	DEVICE SALES
2014	10.9 million
2015	21.4 million
2016	23.2 million
2017	25.4 million
2018	13.9 million
2019	16.0 million
2020	10.8 million
2021	10.6 million

5. Alphabet Inc acquired Fitbit for $2.1 billion in 2021

The acquisition of Fitbit by Alphabet Inc, the parent company of Google, made Fitbit the fourth largest acquisition by Google. This move helped give Google a good foothold in the wearables industry, which has long been under the control of Samsung and Apple.

The release of the Google Pixel Watch in October 2022 marked the first launch of a Google product that made use of the Fitbit amazing ecosystem, which included the heart rate monitor, Fitbit app, and health sensor.

Before the acquisition by Alphabet Inc, Fitbit had a market valuation of $4 billion in 2013, $9.7 billion in 2015 (its highest ever), $1.4 billion in 2017, and $2.1 billion at the time of sale to the Google parent company.

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6. Fitbit had a net income loss of $190 million in 2020

Photo by Burak The Weekender/Pexels

According to reliable sources, Fitbit has not seen a profit since 2015, suffering a staggering $320 million income loss in 2019 alone. The only two years when Fitbit recorded profits were 2014 and 2015.

Here’s a breakdown of the net income loss the company experienced between 2010 and 2020.

YEAR	NET INCOME LOSS/PROFIT
2020	-$190 million
2019	-$320 million
2018	-$185 million
2017	-$277 million
2016	-$102 million
2015	+$175 million
2014	+$131 million
2013	-$51 million
2012	-$4 million
2011	-$4 million
2010	-$1 million

Fitbit User Statistics

Fitbit has millions of users around the world and here are the user statistics to show you how popular the brand is.

1. Fitbit had 111 million registered users in 2021

Between 2014 and 2021, Fitbit users increased by over 111 million worldwide. The 2021 number represented an increase of 13 million from the previous users. Here’s a look at how the user numbers have evolved since 2014.

YEAR	REGISTERED USERS
2014	11 million
2015	29 million
2016	50 million
2017	75 million
2018	85 million
2019	90 million
2020	98 million
2021	111 million

2. Fitbit brand awareness is very high in the Western world

Photo by Pixabay: Pexels

The company has penetrated many Western markets, giving established brands like Samsung and Apple a run for their money.

For example, Fitbit brand awareness among wearable users in the United Kingdom stood at 87% at the end of 2022. 43% of all wearable users in the UK admitted they like Fitbit, while another 49% of respondents who know Fitbit claimed they loved the brand.

On the ground, 34% of wearable users in the UK use Fitbit, while another 28% who’ve used the brand in the past claimed they were likely to use it again.

Over to the United States, Fitbit brand awareness stood at 76% as of the end of 2022, with 30% of wearable users professing their confidence in Fitbit devices.

Overall, 25% of all wearable users in the United States use at least one type of Fitbit device. Furthermore, 18% of previous Fitbit users claim they would have no problem using the same brand again.

As for Germany, Fitbit brand awareness was 68% in 2022, with 27% of all wearables users preferring Fitbit over any other brand. Furthermore, 125 regular wearable users claimed they wouldn’t mind using Fitbit again at some point.

3. Fitbit was the 6th most popular wearable brand in the UK in 2022

Leading brands like Samsung and Apple dominated the list. The survey for this was conducted based on aided brand recognition, where respondents were shown specific wearable logos and the written brand name.

Here’s a table showing the top 10 most popular wearable brands in the United Kingdom.

WEARABLE BRAND	% OF RESPONDENTS
Samsung	94
Adidas	93
Apple	92
Sony	91
LG	87
Fitbit	86
Huawei	83
Garmin	67
Michael Kors	65
Asus	60

4. Fitbit is the second most used health tracker in the US so far in 2023

At the very top is Apple, which accounts for 57% of all personal smartwatches and health and fitness trackers among consumers in the United States.

Fitbit followed this in second place, with 28% of respondents favoring it over other brands. This survey was conducted at random and involved a total of 3,075 consumers in the US.

5. The usage rate of Fitbit among adults in the United States in 2020 was 17.72%

Photo by John-Mark Smith/ Pexels

The popularity of Fitbit has been rising among adults in the United States in recent years, breaking the ceiling at 17.72% in usage rates. Most of this has been due to Fitbit’s integration of reliable health and fitness apps that make it easy for people to keep track of their body functions and fitness routines.

6. Fitbit users walked a combined 47 trillion steps in 2022

2022 was a busy year for Fitbit wearable users worldwide, with 47 trillion steps made. May 27 recorded the highest number of total steps, with over 167 billion total steps made by Fitbit users worldwide. This translated to a combined 20 billion miles, making May the best step month.

And speaking of steps, the countries that contributed the most Fitbit steps in 2022 included Hong Kong at the top, followed by Switzerland, Spain, Ireland, and finally, Italy, closing out the top five.

As for sleep and relaxation, Fitbit users’ average number of sleep hours worldwide was 6.5 hours. This translated to an average sleep score of 76 which is good by all standards and way above the healthy average threshold. On average, most Fitbit users slept at 11:17 pm and woke up at 7:00 am.

The top countries that recorded the best sleep on Fitbit in 2022 include Finland, New Zealand, Belgium, the Netherlands, and finally, Ireland, wrapping up the top five.

When it came to exercise among Fitbit users, there were a combined 173 billion Active Zone Minutes. AZM is a heart-based metric that keeps track of the amount a Fitbit user spends participating in heart-pumping activities.

The average Active Zone Minutes among Fitbit users in 2022 was 50, with May 14 recording the best AZM stats at 612 million minutes. The most used form of exercise in May 2022 was walking.

The countries that recorded the best Active Zone Minutes included Switzerland at the top, followed by Sweden, Denmark, the Netherlands, and the United Kingdom.

Wrapping Up

So there you have it, all the key Fitbit revenue and user statistics that show you exactly where the company stands in the competitive wearables market.

Despite the troubles it may be experiencing, Fitbit makes some of the most exceptional wearable devices, and if you ever get a chance to use one, you’ll quickly see why many people love it.