The Billion Dollar Business Of Meditation
Meditation and mindfulness are among the most talked about topics of our time. An increasing number of individuals and businesses, particularly in the West and to some extent in the Asia and even in Bangladesh, is embracing the practice of meditation and mindfulness.
According to IBISWorld, published by Fortune, the sector has grown significantly over the last few years and generated $1 billion revenue in 2015 alone and it is showing promise globally.
There is a growing stream of mobile apps and programs coming to market serving the need of a growing mindfulness practicing generation. According to Sensor Tower, again cited by Fortune, there are nearly 1000 mindfulness apps available now. Headspace, the leader in the space has raked 6 million downloads and raised $30 million recently.
More than 22% employers in the US offered mindfulness training in 2016, according to a survey by Fidelity Investments and the National Business Group on Health cited by Fortune.
In Bangladesh, the culture of meditation and mindfulness practice is slowly taking roots. MIB Spirit, a local fashion brand, offers free meditation session in its seasonal meetups. Quantum Method is one of the oldest widely popular meditation programs in Bangladesh which has managed to garner a large followers base, mostly corporates and high profile individuals.
Employers are yet to offer meditation or mindfulness training at organizational level but at the personal level, there are a couple of places where you can go weekly for meditation session for a fee.
That said, there is a debate going on out there about the commoditization of mindfulness and using meditation as a tool for making profits. However, it does increase your ability to concentrate and focus and improve your performance while not directly contributing to the bottom line. In 2017, we hope to see more meditation programs taking place in Dhaka, even at the organizational level.