Fiverr has climbed 678% this year. In this analysis, we examine if the growth can continue in the short-term and also post-COVID.Specifically, our research shows that Fiverr is leading its industry and outpacing its primary competitor, Upwork.We look into why this might be and what the future could look like.
Facts and Figures About Fiverr
Fiverr was launched in 2010 and claimed to be hosting over 1.3 million gigs.
The companys total funding was $20 million with investors like Guy Gamzu, Accel Partners and Bessemer Venture Partners.
Fiverr released their iOS app in December 2013 and Android app in March 2014.
Fiverr also launched Fiverr Pro in October 2017 that has a curated cult of freelancers.
By acquiring VeedMe in 2017, Fiverr has deepened the capabilities of videographers.
In 2018, Fiverr acquired AND CO.
Fiverr follows a two-sided digitalmarketplace business model
It started by a simple idea: make it possible to purchase any digital service or goods, just like we do for physical stuff
As a marketplace, it grows on top ofnetwork effects. Thosenetwork effectscan be engineered to create aflywheel or virtuous cycle of growth
Marketplaces usually rely on as manyvalue propositionsas many are the key players interacting on the platform. As a two-sidedplatformFiverr has to offer a compellingvalue propositionto both buyers and sellers
As the company has not a directsales forceit spends most of its resources in acquiring buyers through digital acquisition channels, like search engine optimization, search enginemarketing, and social media
The company still runs at operating loss, which makes itsbusiness modelstill lacking theprofitformula
Any company has to have a few key metrics to assess its success over time. Fiverr in particular looks at the repeat buyers and the spend per buyer as critical metrics
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