Case Study
Zumba: Rocking the Fitness World with Creativity and a Customer-Centric Model

Koti Vinod Babu
Senior Research Associate, IBS Case Research Center, IBS Hyderabad (Under IFHE - A Deemed to be University u/s 3 of the UGC Act 1956), Hyderabad, Telangana, India. E-mail: kotivinod@ibsindia.org

V Namratha Prasad
Faculty Associate, IBS Case Research Center, IBS Hyderabad (Under IFHE - A Deemed to be University u/s 3 of the UGC Act 1956), Hyderabad, Telangana, India. E-mail: namrathap@ibsindia.or

The case study discusses the entrepreneurship journey of Colombian dancer and choreographer Alberto Perez (Perez), who developed 'Zumba' that went on to become the world's largest branded fitness program. The case starts by giving a brief background on Perez and how he came to develop Zumba. It then documents his early days in the United States and his journey to establishing Zumba Fitness, LLC with two young Colombian Americans, Alberto Perlman (Perlman) and Alberto Aghion (Aghion), who were on the lookout for business opportunities. Along with details of the trio's tryst with various business models for the company, it mentions Zumba Fitness' customer-centric strategies that focused on instructors who were considered to be the company's partners and brand ambassadors, which eventually benefitted the company. A brief glimpse is provided into the reasons for the cult-like following that Zumba has and the challenges that the company faced. Can Zumba Fitness continue to have a strong following in the fitness industry, which is characterized by fast-changing trends, considering the growing menace of counterfeiting?

Have passion and perseverance. It's like fishing - you have to throw the bait. You throw it once, and the fish might not bite, so you have to throw it again and again, until it bites.¹

- Alberto Beto Perez, Co-Founder of Zumba Fitness,
LLC, in March 2022.

Our purpose at Zumba is to change lives through health, wellness, and overall happiness.²

- Alberto Perlman, CEO, CMO, and Co-Founder
of Zumba Fitness, LLC, in October 2014.

Introduction
On August 6, 2022, a fitness center called Penwortham3 Zumba Fitness hosted the "Zumba Summer Party 22" with three certified Zumba instructors to raise funds and promote awareness about the Multiple Sclerosis Society of Great Britain.4 Speaking about how Zumba had changed his life for the better despite his suffering from a debilitating condition, Jaime Kirby, a participant at the fitness center, said, "I was diagnosed over ten years ago with multiple sclerosis. Zumba has been such a big part of my life. Without it, I would not have pushed myself, building my physical and mental strength. Through classes, I have made friendships for life, had so much fun and so many giggles! The support of friends around you is a huge part of Zumba, and I'm grateful for that and always want to share it."5

Zumba-a unique fitness program that involved a mix of aerobic6 exercises and Latin American-inspired dance moves-was the brainchild of Colombian dancer and choreographer Alberto Perez (Perez). Perez, a native of Colombia came from a poor background. He developed Zumba while improvizing for a fitness class after having forgotten to take along the music tapes of US pop singers. He then used the Latin American music he had with him to make his class do a fitness routine. The class enjoyed immensely. The positive reception to the new fitness routine prompted Perez to continue offering the same at all his fitness classes.

In 1999, Perez immigrated to the US in pursuit of greener pastures. He went through a tough initial period as he lacked qualifications and English-speaking skills. However, he soon managed to impress a fitness center manager with Zumba and got a stable job.

In 2001, Perez met two young Colombian Americans, Alberto Perlman (Perlman) and Alberto Aghion (Aghion), who were on the lookout for business opportunities. They thought that Perez's charisma and the uniqueness of Zumba would help them sell Zumba fitness videos through infomercials. In 2001, the trio-the three Albertos-started the company, Zumba Fitness LLC (Zumba Fitness). However, the fitness videos did not turn out to be lucrative.

Nonetheless, Zumba Fitness used to get several queries from people who sought certification to become Zumba instructors. The trio realized that instructor certification programs for a fee were providing them with a recurring income. In the mid-2000s, the company altered its business model, going from selling fitness videos to having a constant source of income from its certified instructors. Accordingly, the company took several measures to help its instructors build their businesses and become entrepreneurs, as it believed that they were its true brand ambassadors. Within a decade, Zumba's strategy of growing an army of certified instructors helped it become the world's largest branded fitness program and Perez became a rock star in the fitness world.

Perez did employ his creativity to constantly upgrade Zumba to keep up current follower interest and bring in new followers. However, Zumba was highly susceptible to counterfeiting and trademark misuse, which raised a dilemma for Perez. The question remained if Zumba could fight piracy, keep up customer engagement and ultimately realize its lofty aim of having 100 million global followers in the future.

Early Years of Perez
Perez was born to a single mother, Maria del Carmen Perez, in 1970 in Cali, Colombia. As a seven-year old boy, he saw the American film "Grease"7 and fell in love with dancing. During his childhood, he used to imitate the dance style of pop star Michael Jackson and grooved along to Latin American music. Though dancing was his passion, he could not learn dance as he was unable to pay for the lessons.

In 1984, when Perez was 14, he began working to help his mother financially. A year later, his mother was hit by a stray bullet, from street violence. The shocking incident prompted her to take up a job and immigrate to the US. Perez, however, remained behind and went on to do a diverse range of jobs like packing groceries, selling ice cream, doing construction work, and working in a coffee shop. He learned to dance on his own and eventually went on to take dance lessons.

In 1986, Perez was asked to stand in for an injured aerobics teacher at the gym where he took his dance classes. Even though he didn't know anything about aerobics, he learnt the basics from a book and eventually went on to become an aerobics instructor himself. Perez said, "I knew nothing about aerobics when I first filled in for that class. So I went to the-the library, got Jane Fonda's8 book, and studied the pictures to memorize the moves."9

Perez took classes using his employer's chosen song list of hit US pop singles of pop stars, Madonna and Michael Jackson. However, one day, he forgot his employer's music cassette at home. Left with no other option, he improvised and used a music cassette tape that he had in his car. That tape had Latin songs, specifically salsa10 and merengue11 tunes that he had recorded from the radio.

He told his students that he had planned a special class, and during the next 30 minutes, he made them do dance moves that worked with the music. He did not follow the strict rep-counting of aerobics, but kept his students moving through a mix of Latin American dance and aerobics. Perez then noticed that everyone who participated in the class had more fun than usual. He said, "People started to smile. People [were] happy. People were sweating. I remember I said, 'Wow. I want to do this for the rest of my life. It's amazing'."12

The main difference between regular dance and Perez's fitness classes was that in the latter, a person would be training different parts of the body with specific movements to strengthen a specific area, and, depending on the level of the person, he/she could use different types of force. The fitness program was designed to be intense and efficient at calorie-burning, but with low-impact. It was also highly adaptable and suitable for all body types, age groups, and levels of fitness.

The class became an instant hit, encouraging Perez to continue using Latin American music and dance moves for his classes. Participants in his classes talked about his fun aerobic sessions and urged their friends to join them. Perez added, "It grew pretty quickly. Every time I taught, more and more people would show up and take a class. There would be lines out of the door of people waiting to get in. Word traveled fast. This was the beginning of Zumba."13 Perez initially called his fitness classes "Rumba", which was Colombian slang for a party or a rather fun gathering with dances and songs.14

Perez moved to Bogota, capital of Colombia, where he continued teaching his style of fitness classes at a top gym. They continued to grow in popularity over the next 13 years. Perez even worked briefly as a choreographer for pop star Shakira.

Perez's 'American Dream'
Though Perez managed to build a successful life for himself in Colombia, he was ambitious and was lured by the 'American Dream'15. In 1999, he moved to Miami, US, albeit illegally. He led a tough life, as he had little money and couldn't speak much English. He said, "I didn't know English fluently and was essentially alone. I slept on a park bench ... so life was difficult."16 He also found it difficult to land a job at any fitness center. He said, "No one wanted to give me a chance...went to many clubs and asked for just a trial. No one would let a stranger, without all the folders full of certificates, be an instructor."17

Perez's poor English communication skills meant that he had to convince the fitness center manager at one of his 'auditions' through his moves. He said, "I had to convince the manager there to let me show her what I could do because I couldn't explain it well. Once I started showing her what Zumba class was like, people in the gym began standing around the room, smiling, and I knew right there that I was going to do something special."18 Soon, Perez's unique form of fitness classes took off, especially among people from the Latin American community. Gradually, he built a name for himself and became financially stable.

In 2001, one of Perez's long-time students, Raquel, persuaded her son Perlman, then aged 24 and an MBA graduate, to think about investing in Perez's fitness classes. At that time, Perlman had lost his first business, a start-up accelerator called Spydre Labs (that invested in and advised nine businesses related to Latin America) due to the tech bubble burst.19 He had been working with his childhood friend Aghion on the business.

Perlman was curious to see whether Perez's classes had any business potential and decided to check them out. When he went to Perez's fitness center, he saw that there was a long line of people that stretched around the corner. He observed that the moment Perez hit the play button of the music system and the Latin music started, the participants immediately started enjoying themselves without feeling that they were sacrificing their time or strength. He saw that the learners were following Perez's lively choreography in an uninhibited way, as if they were dancing with friends, rather than working out with strangers. He then understood the reason why people were turning up in such large numbers to attend Perez's classes.

Perlman immediately recognized the business potential of Perez's fitness classes. When Perlman had been working for the Mitchel Madison Group20 early in his career, he had explored the potential of direct response television advertising.21 Perlman who had seen his businessman grandfather struggle to run a business in Colombia due to the difficulties created by suppliers while getting his products into stores, had then become fascinated by the concept of direct sales. He found the idea of selling directly to customers through infomercials,22 circumventing middlemen, alluring.

Perlman thought that Perez would be able to reach out to a large number of people if he made Video Home System (VHS)23 videos of his fitness classes, which people could play at home. He also believed that Perez's fitness routine was in keeping with the latest trends in Latin American fitness. In addition, he thought that Perez's spirit and infectious personality would play a critical role in attracting customers.

After the fitness class, he approached Perez with his proposal and the latter gave a positive response. Soon, Aghion joined them to further refine their business idea. The trio then hashed out the name Zumba for Perez's unique form of fitness classes. In 2001, Zumba Fitness, LLC was formed.

While Perez served as the 'Chief Creative Officer', Perlman took on the role of CEO, and Aghion served as the President of Zumba Fitness. Perlman recalled, "It was a gut decision. We were two out-of-work businessmen with no contacts in the fitness industry and a dancer who could not speak a word of English, and here we were deciding to launch a fitness business together. But, we knew if we could capture the excitement of his class on video, people would go crazy for the music and the moves."24

Zumba Fitness' Tough Road to Success
Being short on cash and experience, the trio then shot promo videos of Perez's Zumba class with 200 students at the beach, using a handycam. The trio then approached several gyms in Miami with their videos and a proposal to introduce Zumba at their centers. However, they were not successful in that endeavor; neither could they raise a sales interest at fitness trade shows.

Speaking of how they did not let the initial 'nos' bog them down as they knew they had a winning idea on hand, Perlman later said, "...but every time Beto would teach a class, everybody said 'yes'-the class members' enthusiasm spoke volumes. We knew that the class was powerful, we knew that something was there, so we didn't give up every time we heard 'No.' That's different from having a bad idea and not giving up. I see many entrepreneurs have an idea that they are obsessed with that they have not proven ... and they won't give up- and that's just being stubborn."25

In late 2001, their perseverance paid off. The promo video helped them get a deal with an Ohio-based infomercial company to create a Zumba workout DVD. The company then agreed to pay Zumba Fitness a royalty fee for each video sold. The videos were an instant success and sold hundreds of thousands of copies in the first six months. However, the profits were meager and Zumba Fitness found it difficult to cover even the video production costs.

Zumba Fitness then accepted the infomercial company's suggestion that it spend its meager royalty to better market its videos through large retail outlets. However, the infomercial company failed to get the required licenses for one of the songs used in the videos, because of which the video sales had to be stopped. In 2003, Zumba Fitness finally bought back the rights to its fitness program. It then decided to sell videos on its own through its website, as it did not have the resources to distribute an infomercial in the North American market.

Gradually, it managed to make a place for itself in the US Hispanic26 fitness market. For the Latin American market, it partnered with a Colombian firm to make an infomercial. However, Zumba Fitness was beset with the problem of piracy, which caused a dramatic fall in its profits.

In 2003, Zumba Fitness managed to get a multimillion dollar deal spread over four years. That turned its fortunes around and managed to keep it afloat. Speaking about it, Perlman said, "We were in Beto's garage, our office, and get a call from this lady saying she was from Kellogg's.27 She is from the ad agency for Kellogg's in Miami and wants to meet with us. She tells us that the CEO's wife bought the tapes off our infomercial and she loves them. And, he (the CEO) had an idea that he could use Zumba as part of a health and fitness campaign."28

Zumba Fitness' Business Model Shift: Bringing Instructors Center Stage
Throughout its early years, Zumba Fitness used to get calls from fitness instructors, who had bought Zumba videos and wanted to learn how to teach Zumba classes. Perlman said, "People started calling us to say, 'I'm a fitness instructor, I bought this tape, I love it so much that I want to become certified in this. Do you guys offer certification?' We're like, 'Yeah of course we have a certification.' Meanwhile, I'm thinking we'd better come up with some sort of training for instructors, because there's market demand here."29 The company listened to the demands of the fitness instructors-a major chunk of its customer base-and decided to coach them.

Zumba Fitness began instructor training sessions with Perez every few months. The sessions turned out to be a runaway success with instructors coming from afar to attend them and some even attending sessions each time they were held. The trio then decided to shift the company's business model from selling fitness videos to the far more stable, lucrative, and recurring business of certifying Zumba instructors for a fee.

Over time, the instructors began asking for new music recommendations that they could use in their classes. In 2005, to cash in on the growing interest in music from instructors, Zumba Fitness created the Zumba Instructor Club. The company charged $100 annually from instructors to add them to a monthly e-mail mailing list that contained music recommendations from Perez.

Following the bitter experience with the issue of music licensing, Zumba Fitness decided to self-produce its music. The company employed a person in Colombia to do covers of the songs30 they wanted at a reasonable price. That did away with the problems of music licensing, including the need for a master license.31 Over the years, the company went on to develop several original songs that became highly popular. Perez said, "About 40% of the music [used by Zumba instructors] is created by us and 60% is licensed."32

Gradually, the trio realized that the more successful its instructors, the more Zumba Fitness would grow. The company therefore made its mission to ensure that its instructors were successful. Furthermore, while taking any strategic decision at Zumba Fitness, the trio began analyzing whether that particular decision would bring any new business to its instructors. Perlman later said, "Ultimately, we saw that the person that was most passionate about our brand was our instructors and we made them our partner[s] and that is what allowed us to grow. I think you find the group that is most passionate about what you're doing and you turn them into your partners and your ambassadors."33

Zumba Fitness also gradually realized that the instructors wanted to learn more about the choreography and craved a sense of community. In 2006, it decided to form the Zumba Instructors Network (ZIN), which instructors could join paying $30/month. The instructors were then listed on its website, given marketing materials and ideas, apart from a DVD containing new music and choreography that they were given every two months. The aim of ZIN was to make Zumba instructors successful through various ways that included fetching more students to their classes, helping them retain their students, and delivering other opportunities to them to earn revenue. The Zumba instructors were encouraged to develop a sense of community-they regularly attended each other's sessions and participated in any fund-raising events.

Zumba Fitness also had a team of employees who got in touch with gyms to find jobs for its instructors. In 2007, the company created a line of brightly-colored clothing called 'Zumba Wear' that was available only to instructors. It was expected to help instructors earn additional revenue by selling the clothing to interested students. Later, the company launched footwear bearing its brand name. Aghion said, "We're helping the instructors to become entrepreneurs and make a living out of it."34

In 2007, the company launched its international program, which led major global fitness chains to start offering Zumba classes. It also began publishing a glossy magazine named ZLife. Zumba Fitness also took various measures to increase its customer base, which was expected to ultimately benefit the Zumba instructors.

Zumba Fitness benefitted from the growth of the Internet and social media. People across the world discovered Zumba through YouTube videos and became interested in joining the classes. The company then started its various social media channels to further showcase the brand and grow its customer base.

In November 2010, Zumba Fitness launched a popular fitness video game called 'Zumba Fitness Game' for gaming consoles such as the Wii35 and Xbox.36 The game was developed by Pipeworks Studios37 and published by Majesco Entertainment38 based on the Zumba dance. The 'Zumba Fitness Game' was based on motion-sensing technology,39 and sold more than 3 million copies worldwide by 2011 and continued to be one of the top-ranked games in the US and the UK. While the objective of the game was to earn revenue, it was also expected to get more people to try Zumba and encourage them to join the classes.

Zumba Fitness also made an effort to attract a wide variety of customer groups with varied needs, as it felt this would further help expand its customer base. The company came up with a variety of Zumba programs-Zumba Gold (for beginners and active older adults), Zumbatomic (for children), Aqua Zumba (low impact in pools), and Zumba Sentao (chair-based routines)40 (See Exhibit I).

The Cult Following of Zumba
Perez stated that Zumba shifted the focus away from prestige training and doing fitness programs to sport sixpack abs. He believed that Zumba was not for exercise addicts, but for the masses. He added, "Nobody in the fitness industry thinks about these people (masses). Always they think about the performance or the good bodies or the competition. I want to create something else."41

Unlike other fitness programs, Zumba Fitness placed an emphasis on its customers having fun and enjoying a sense of community, rather than striving for weight/fat loss. The company believed that the fitness programs which had weight/fat loss as the ultimate objective tended to be fads. On the other hand, fitness programs with a spiritual or emotional component such as Yoga that encouraged long-lasting adherence were supposed to have long-lasting benefits. It was believed that the company's slogan, "Ditch the workout, join the party"42 underlined the point that Zumba was a fun activity.

Even so, the company mentioned various health benefits from the regular practice of Zumba (See Exhibit II). Zumba classes remained faithful to Perez's first creations, albeit with specific fitness goals and clear cut techniques. Zumba classes alternated easy-to-follow fast dance moves with slower ones during the interval-training. This was said to tone muscles and burn calories.

Perez remained the creative power behind Zumba Fitness. He also took time out of his busy schedule-which included frequent international travel to promote Zumba-to teach classes at his own private studio in Miami, which was further thought to give him a creative boost.

Perez clarified that there was no wrong way of doing Zumba. Nonetheless, he was always in the process of developing new choreography and coming up with novel ways to get people hooked to Zumba. Over the years, Zumba went on to assimilate various dancing styles into its fitness programs. The various styles included Caribbean dance styles; South American dance styles like samba and meringue; Bollywood dance style, and even some forms of martial arts. Perez said, "In the '80s, the fitness world and the dance world were separate. I think I was a visionary, because now everything is dancing in the fitness world."43

During the 2000s and 2010s, Zumba's fun and creative fitness programs managed to get a cult following throughout the world that transcended cultural differences. Sucheta Pal, India's Global Ambassador for Zumba, called Zumba a life changing experience. Sucheta Pal was in the second trimester of her pregnancy and was asked to work out during pregnancy for which she chose Zumba. She said, "Labor is one of the toughest workout ever-you need to have a lot of stamina, a lot of strength. This is my doctor's recommendation. Do consult your doctor, especially your gynaecologist. I have been doing Zumba for the longest time, and I did not try something new."44

By 2012, over 100,000 instructors had signed up to teach Zumba classes in over 125 countries, according to the US-based news magazine The New York Times. The US-based business magazine Inc. named Zumba Fitness as the Company of the Year in 2012. In 2012, two investor firms, Raine Group45 and Insight Partners, previously Insight Venture Partners (IVP)46, took a minority stake in the company. John Salter, Partner at Raine Group, said, "Zumba is incredibly accessible. The brand is one of only a few globally recognized fitness brands."47 Richard Wells, Managing Director of IVP, said, "You see a lot of feasts and famines in the fitness industry. They (Zumba) are just scratching the surface of its potential."48

Zumba Fitness did not disclose its financial results, but the company estimated that 15 million people were taking Zumba classes every week in 185 countries, as of 2018. Perlman opined that there were more studios offering Zumba classes than stores offering McDonald's49 in the world.

In 2018, Perez decided that he wanted his story to be known in Colombia, which was one of the most difficult markets for Zumba. Colombian TV channel RCN50 premiered "Nadie me quita lo bailao", a new series based on Perez's life, from his origin in Cali as the son of a single mother to his success. Julian Roman51 played the adult version of Perez in a production of Fox TeleColombia52. Speaking about the series, Perez said, "No one is a prophet in his own land. Instead of making series and telenovelas53 about drug dealers and 'las chicas prepago'54, it would be good to make stories about people who make Colombia proud."55

As of 2022, Zumba Fitness had 15 million members in 200,000 locations in 180 countries.56 The company was no longer just about the Zumba classes, although the classes continued to be a core part of business. The company's income sources included instructor fees (license and use of trademark), music compilation sales (through online music channels and DVDs), footwear and clothing sales (sold 3.5 million units a year), and computer game sales. It was stated that the company derived about half of its revenue from music, clothing, and footwear sales. While Zumba Fitness was valued at $500 mn, Perez's personal wealth was estimated to be $30 mn.57

Zumba as a Fitness Journey Continues...
Most fitness industry experts agreed that the industry was dynamic with something new cropping up every few months, which made the staying power of any fitness regime highly unpredictable (See Exhibit III). In such a scenario, the continuing popularity of Zumba was considered to be extremely commendable. John Figarelli, Founder of the US-based National Fitness Hall of Fame Museum and author of The History of Fitness: Fads, Gimmicks and Gadgets, said, "I think the owners of Zumba did a great job of getting it going from a business standpoint. Most group exercise instructors will just go with the next popular class. But if Zumba is your business, instructors will stay with that."58

Leigh Buchanan, editor-at-large for Inc. magazine, said, "...it (Zumba) is a frothy blend of Latin culture, social networking, globalization, weight consciousness, a feminizing society, solo entrepreneurship, and the maker's movement. It is tempting to call Zumba the quintessential 21st-century business. Given that it traffics in health, joy, and community that is a hopeful sign for the species."59

The trio spent a lot of time brainstorming on 'What's Next' for Zumba Fitness. Perlman said, "I see Zumba Fitness also as an entertainment brand. It's becoming a music, TV and concert platform."60 They stated that their ultimate goal was to have 100 million Zumba followers across the world. They were taking measures to have a greater presence in the global markets, particularly Eastern Europe, Asia and Latin America.

The trio also intended to organize fitness concerts-people doing Zumba while there was an artist singing and instructors teaching-across the world. Perlman said, "My dream is to see fitness concerts all over the world, traveling shows, permanent shows in Las Vegas. The artists love it too, because it's a new way of selling their music."61

Nonetheless, the company's greatest challenge remained counterfeiting and the inability to protect its trademark from being misused. The company had a team to combat counterfeiting. Perlman said, "We are spending seven figures on fighting this. Counterfeiting is crazy. We see illegal instructors all the time."62

Suggested Readings and References

1. "Latino Entrepreneurs That Took the US by Storm," www.nic.lat, August 29, 2022.
2. "Latin Entrepreneurs: Beto Perez, Creator of Zumba," www.nic.lat, August 17, 2022.
3. Matt Davies, "Penwortham Zumba Group to Host MS Society Fundraiser," www.blogpreston.co.uk, August 2, 2022.
4. Reader's Digest Editors, "Meet the Man Behind Zumba: Beto Perez," www.rd.com, March 28, 2022.
5. "Zumba Founder & His Journey as a Broke Immigrant to a Global Empire," www.latintrends.com, January 31, 2022.
6. The C2FO Team, "6 Diverse Entrepreneurs Whose Stories Will Inspire You," www.c2fo.com, January 28, 2022.
7. "Beto Perez: The Curious Story of the Creator of the Zumba Business Empire," www.byentrepreneur.com, 2022.
8. "Lessons from Zumba: 4 Ways to Lead Your Company's Innovation and Growth," www.entrepreneurship.babson.edu, 2022.
9. Leigh Buchanan, "Zumba Fitness: Company of the Year," 2022.
10. Issie Lapowsky, "Zumba Turns Dancers into Entrepreneurs," www.inc.com, 2022.
11. "'Ditch the Workout, Join the Party' How to Beat the Impact of Covid-19," www.icp.org.za, 2021.
12. "Nothing Should Stop a Woman When She Is Pregnant," says Zumba Ambassador Sucheta Pal," www.timesofindia.indiatimes.com, October 16, 2019.
13. Luana Ferreira, "Zumba: How a Missing Tape Launched a Global Craze," www.bbc.com, August 12, 2019.
14. Zack Guzman, "How Zumba's Founders Turned a Video Made on the Beach with a Handycam into a Global Phenomenon," www.cnbc.com, July 23, 2018.
15. "10 Entrepreneurs Who Have Raised the Name of Colombia," www.goama.com, January 9, 2018.
16. Ruth Umoh, "How a Mistake at Age 16 Led the Founder of Zumba to Launch a Multimillion-Dollar Business," www.cnbc.com, September 27, 2017.
17. Melody Madhavan, "How Zumba Spread to 180+ Countries Through Word-of-Mouth," www.referralcandy.com, October 21, 2015.
18. K Aleisha Fetters, "Meet the Man Behind the Dance-Cardio Craze That Changed the Fitness Industry," www.womenshealthmag.com, October 20, 2015.
19. Denise Lee Yohn, "Zumba's Success Arose from Long-Term Trends," www.hbr.org, October 14, 2014.
20. Rahul Sachitanand, "How Beto Perez's Zumba Fitness Wants to Take the Drudgery Out of Working Out," www.economictimes.indiatimes.com, February 8, 2015.
21. Ranjita Ganesan, "Zumba: Beto Perez's Accidental Discovery," www.business-standard.com, February 7, 2015.
22. Jonathan Moules, "The Dance Idea That Found Its Feet," www.ft.com, February 5, 2013.
23. "Zumba Isn't Just Exercise, It's Big Business," www.smh.com.au, June 26, 2012.
24. Kevin Gray, "FEATURE-Zumba No Longer Just Exercise, It's Big Business," www.reuters.com, June 24, 2012.
25. Cammy Clark, "Zumba on the Move in the Fitness World," www.lubbockonline.com, February 18, 2012.
26. Courtney Ballestier, "Why She Loves Beto Perez: Zumba Fitness," www.mensjournal.com.
27. www.zumba.com

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End Notes

1. eader's Digest Editors, "Meet the Man Behind Zumba: Beto Perez," www.rd.com, March 28, 2022.
2. Denise Lee Yohn, "Zumba's Success Arose from Long-Term Trends," www.hbr.org, October 14, 2014.
3. Penwortham is a town in South Ribble, Lancashire, England, on the south bank of the River Ribble facing the city of Preston.
4. The Multiple Sclerosis Society is the UK's largest charity for people affected by multiple sclerosis. Multiple sclerosis is a disease in which the immune system eats away at the protective covering of nerves.
5. Matt Davies, "Penwortham Zumba Group to Host MS Society Fundraiser," www.blogpreston.co.uk, August 2, 2022.
6. Aerobics/Cardio is defined as any type of exercise that gets one's heart rate up and keeps it up for a prolonged period of time.
7. Grease is a 1978 American musical film directed by Randal Kleiser and produced by Paramount Pictures. It is based on Warren Casey's and Jim Jacobs' 1971 musical of the same name about two lovers in high school in the 1950s.
8. Jane Fonda is a US-based actress, writer, political activist, former fashion model, and fitness guru. She released the video Jane Fonda's Workout on VHS tape, which went on to be highly popular and revolutionized at-home fitness.
9. K Aleisha Fetters, "Meet the Man Behind the Dance-Cardio Craze That Changed the Fitness Industry," www.womenshealthmag.com, October 20, 2015.
10. Salsa is a Latin dance, associated with the music genre of the same name, which was first popularized in New York City, US, in the 1960s.
11. Merengue is a type of music and dance originating in the Dominican Republic, which has become a very popular genre throughout Latin America, and also in several major cities in the US with Latino communities.
12. Ruth Umoh, "How a Mistake at Age 16 Led the Founder of Zumba to Launch a Multimillion-Dollar Business," www.cnbc.com, September 27, 2017.
13. Luana Ferreira, "Zumba: How a Missing Tape Launched a Global Craze," www.bbc.com, August 12, 2019.
14. "Latin Entrepreneurs: Beto Perez, Creator of Zumba," www.nic.lat, August 17, 2022.
15. The term 'American Dream' was coined by writer and historian James Truslow Adams in his best-selling 1931 book Epic of America. He described it as "that dream of a land in which life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement."
16. Luana Ferreira, "Zumba: How a Missing Tape Launched a Global Craze," www.bbc.com, August 12, 2019.
17. Rahul Sachitanand, "How Beto Perez's Zumba Fitness Wants to Take the Drudgery Out of Working Out," www.economictimes.indiatimes.com, February 8, 2015.
18. Ranjita Ganesan, "Zumba: Beto Perez's Accidental Discovery," www.business-standard.com, February 7, 2015.
19. In the dot-com bust that kicked off in March 2000, tech stocks dropped nearly 80%. Many of the new tech companies failed to turn a profit or perform up to expectations.
20. The Mitchell Madison Group is a global management consulting firm based in the US that focuses on improving financial and operating performance for major corporations and private equity portfolio companies. It was founded in 1994 and re-launched in 2003.
21. Direct response television advertising is a marketing effort that encourages the target audience to respond directly to the advertiser through the telephone, mail, or a coupon.
22. An infomercial is a form of advertisement which is aimed at educating the customer about a product or a series of products via television in the form of a program.
23. Video Home System (VHS) is a Video Cassette Recording (VCR) technology that was developed by Japan Victor Company (JVC) and released in the market in 1976. After being popular for almost two decades, in the early 2000s, the VHS began to become outdated after DVD sales and online rentals picked up.
24. "Lessons from Zumba: 4 Ways to Lead Your Company's Innovation and Growth," www.entrepreneur ship.babson.edu, 2022.
25. Zack Guzman, "How Zumba's Founders Turned a Video Made on the Beach with a Handycam into a Global Phenomenon," www.cnbc.com, July 23, 2018.
26. The Hispanic market has traditionally been defined by most marketers as the growing population of foreign-born immigrants in the US who have emigrated from Spanish-speaking Latin American countries (mainly Mexico, Central America, and the Caribbean).
27. The Kellogg Company, doing business as Kellogg's, is a US-based multinational food manufacturing company. It produces cereal and convenience foods and was founded in 1906.
28. "Lessons from Zumba: 4 Ways to Lead Your Company's Innovation and Growth," www.entrepreneur ship.babson.edu, 2022.
29. Issie Lapowsky, "Zumba Turns Dancers into Entrepreneurs," www.inc.com, 2022.
30. A cover of a song is a new performance or recording of an already recorded song, by a person who is not the original artist or composer. It is done after obtaining a mechanical license.
31. A master license provides a license holder with the right to use a recorded piece of music in various media projects including a film, TV show or commercial.
32. Jonathan Moules, "The Dance Idea That Found Its Feet," www.ft.com, February 5, 2013.
33. Zack Guzman, "How Zumba's Founders Turned a Video Made on the Beach with a Handycam into a Global Phenomenon," www.cnbc.com, July 23, 2018.
34. Cammy Clark, "Zumba on the Move in the Fitness World," www.lubbockonline.com, February 18, 2012.
35. The Wii is a home video game console developed and marketed by Nintendo, Inc. It was released on November 19, 2006.
36. Xbox is a video gaming brand created and owned by Microsoft Corp. It was launched in 2001.
37. Pipeworks Studios is an US-based video game developer. The company was founded in November 1999.
38. Majesco Entertainment Company is a US-based video game publisher and distributor. It was founded in 1986.
39. A motion sensor, or motion detector, is an electronic device that uses a sensor to detect nearby people or objects. Motion sensors are an important component of any security system.
40. "Lessons from Zumba: 4 Ways to Lead Your Company's Innovation and Growth," www.entrepreneur ship.babson.edu, 2022.
41. Courtney Ballestier, "Why She Loves Beto Perez: Zumba Fitness," www.mensjournal.com.
42. "'Ditch the Workout, Join the Party'" How to Beat the Impact of Covid-19," www.icp.org.za, 2021.
43. Courtney Ballestier, "Why She Loves Beto Perez: Zumba Fitness," www.mensjournal.com.
44. "'Nothing Should Stop a Woman When She Is Pregnant,' says Zumba Ambassador Sucheta Pal," www.timesofindia.indiatimes.com, October 16, 2019.
45. Raine Group is a media and entertainment investment firm based in New York, US. It is an integrated merchant bank advising and investing in high growth sectors of technology, media, and telecom. It was founded in 2009.
46. Insight Partners is a US-based private equity and venture capital firm that has invested in Twitter and Tumblr. The firm seeks to invest in mobile, cyber security, Big Data, the Internet of Things, artificial intelligence, and construction technology sectors. It was founded in 1995.
47. Rahul Sachitanand, "How Beto Perez's Zumba Fitness Wants to Take the Drudgery Out of Working Out," www.economictimes.indiatimes.com, February 8, 2015.
48. Kevin Gray, "FEATURE-Zumba No Longer Just Exercise, Its Big Business," www.reuters.com, June 24, 2012.
49. McDonald's Corporation is a US-based multinational fast food chain, founded in 1940. As of 2020, McDonald's had the ninth-highest global brand valuation.
50. RCN Television, branded as Canal Radio Cadena Nacional (RCN) is a Colombian free-to-air television network. It was founded in 1998.
51. Julian Roman, is a Colombian actor who has been involved in theater, film, and television.
52. Fox Telecolombia is a Colombian television production company. It was founded in 1995.
53. Telenovelas are television soap opera that are usually produced in and televised in or from many Latin American countries.
54. Las chicas prepago is the Spanish term for women involved in prostitution.
55. Claudia Sandoval-Gomez, "Nobody Can Take Away Beto Perez's 'Bailao'," www.eltiempo.com, May 7, 2018.
56. www.zumba.com
57. Luana Ferreira, "Zumba: How a Missing Tape Launched a Global Craze," www.bbc.com, August 12, 2019.
58. Cammy Clark, "Zumba on the Move in the Fitness World," www.lubbockonline.com, February 18, 2012.
59. Leigh Buchanan, "Zumba Fitness: Company of the Year," 2022.
60. Kevin Gray, "FEATURE-Zumba No Longer Just Exercise, It's Big Business," www.reuters.com, June 24, 2012.
61. Ibid.
62. Cammy Clark, "Zumba on the Move in the Fitness World," www.lubbockonline.com, February 18, 2012.