The product costs $1500 up front, plus a $40 monthly subscription for unlimited live and on-demand classes.
The business model is very similar to Peloton, the in-home spinning bike. But with MIRROR there is no bike, which opens up the exercises to be more body-weight focused. The most popular categories include yoga, pilates, boxing, cardio, strength, and stretch.
"I think our competitors like Peloton have done a great job demonstrating the market opportunity, demonstrating that two-thirds of Americans that work out do some sort of working out at home," said Putnam. "For us, the big differentiator is we are a workout agnostic platform."
Beyond just the everyday citizens who are buying the product, Putnam says MIRROR is catching on among professional athletes as well. "They are using the mirror differently than we anticipated. Many of them are using it for off-season training, and they are exploring different types of fitness they may not otherwise do in a public setting. So you have baseball players taking a yoga class for the first time, or basketball players trying out boxing."
MIRROR has raised $38 million in venture funding from top firms like Spark Capital and Lerer Hippeau, becoming the latest option in the $83 billion per year global fitness industry.
"We are the canvas you can explore any type of workout experience and eventually, potentially other experiences outside of fitness," Putnam told CNBC. "I think for investors, they have been really excited about the possibilities for growth."