The Future of Work: Gig Economy Ballooned by Six Million Over Last Decade
Financialnewsmedia.com News Commentary
The US is seeing a groundswell of interest in the gig economy, which typically includes workers such as independent contractors, on-call, and temporary workers. At the moment, the number of gig workers at US businesses stood at 16% in 2019, according to the ADP Research Institute, as noted by CNBC. That’s 15% higher from 2010. Better, according to a study from TrueBlue and Emsi, as noted by the Associated Press, 42% of people picking up temporary work will pick up at least two gigs every week. Such temporary help services could see the addition of 3.2 million jobs by 2025, an increase of nearly 8.5% from 2019. “Gig employment will continue to grow in popularity as more companies choose to reduce fixed labor costs to stay nimble and workers gravitate toward flexible work experiences that fit their lifestyles,” said Patrick Beharelle, CEO of TrueBlue. It’s already creating sizable opportunity for companies such as HeyBryan Media Inc., Uber Technologies Inc., LYFT Inc. , Etsy Inc. , and Fiverr International Ltd.
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HeyBryan Media Inc. BREAKING NEWS: HeyBryan Media Inc. the creator of the HeyBryan app that connects home-maintenance Experts to homeowners for help with small tasks around the home, is pleased to announce that Hey Bryan’s common shares have been listed on the Frankfurt Stock Exchange under the trading symbol “9HB.” Hey Bryan is also now quoted on OTC Markets under the symbol “HEYBF.” The company’s common shares continue to be listed on the Canadian Securities Exchange under the trading symbol “HEY.” “Hey Bryan is pursuing an aggressive growth strategy,” says Hey Bryan CEO Lance Montgomery, “Listing on the Frankfurt Stock Exchange and trading on the OTC Markets will allow us to grow our shareholder base throughout Europe and the US” The Frankfurt Stock Exchange is one of the world’s largest trading centres for securities. With a share in turnover of around 90 per cent, it is the largest of Germany’s seven stock exchanges and it is an international trading centre, which is reflected in the structure of its participants. Of the approximately 200 market participants, roughly 50% are from countries other than Germany.
Other related developments from around the markets include:
Uber Technologies Inc announced financial results for the fourth quarter and full year ended December 31, 2019. Gross Bookings grew $4.0 billion year-over-year to $18.1 billion, representing 28% year-over-year growth, or 30% on a constant currency basis, with Rides and Eats growing 20% and 73% year-over-year, respectively, on a constant currency basis. Revenue grew 37% year-over-year, or 39% on a constant currency basis, up from 30% in the third quarter of 2019. Adjusted Net Revenue (“ANR”) grew 41% year-over-year, or 43% on a constant currency basis, despite seasonal impacts on both Rides and Eats ANR take rates. Take rates expanded over 200 bps and 300 bps year-over-year for Rides and Eats, respectively. Net loss attributable to Uber Technologies, Inc. of $1.1 billion, which includes $243 million in stock-based compensation expense. “2019 was a transformational year for Uber and I’m gratified by our progress, steadily delivering against the commitments we’ve made to our shareholders on our path to profitability,” said Dara Khosrowshahi, CEO. “We recognize that the era of growth at all costs is over. In a world where investors increasingly demand not just growth, but profitable growth, we are well-positioned to win through continuous innovation, excellent execution, and the unrivaled scale of our global platform.”
LYFT Inc. announced financial results for its fourth quarter and fiscal year Lyft reported Q4 2019 revenue of $1,017.1 million versus $669.5 million in the fourth quarter of 2018, an increase of 52 percent year-over-year. Net loss for Q4 2019 was $356.0 million versus a net loss of $248.9 million in the same period of 2018. Net loss for Q4 includes $207.3 million of stock-based compensation and related payroll tax expenses, as well as $18.8 million related to changes to the liabilities for insurance required by regulatory agencies attributable to historical periods. Net loss margin for Q4 was 35.0 percent and 37.2 percent in the fourth quarter of 2018. Lyft reported fiscal year 2019 revenue of $3.6 billion versus $2.2 billion in fiscal year 2018, an increase of 68 percent year-over-year. Net loss for fiscal year 2019 was $2.6 billion versus a net loss of $0.9 billion in fiscal year 2018. Net loss for fiscal year 2019 includes $1.6 billion of stock-based compensation and related payroll tax expenses, as well as $270.3 million related to changes to the liabilities for insurance required by regulatory agencies attributable to historical periods. Net loss margin for fiscal year 2019 was 72.0 percent and 42.3 percent in fiscal year 2018. Adjusted net loss for fiscal year 2019 was $651.8 million versus an adjusted net loss of $888.7 million in fiscal year 2018. Adjusted net loss is adjusted for amortization of intangible assets, stock-based compensation expense, payroll tax expense related to stock-based compensation, changes to the liabilities for insurance required by regulatory agencies attributable to historical periods, and expenses related to acquisitions.
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Etsy Inc. plans to release its fourth quarter and year end 2019 financial results on Wednesday, February 26, 2020 in a press release after the market closes. Etsy will host a conference call to discuss those results at 5:00 p.m. Eastern Time on the same day. The press release and live webcast of Etsy’s financial results conference call can be accessed at the Etsy investor relations website. To join the call by phone, please dial 1-(877) 823-7014 (toll free) or 1-(825) 312-2242 (toll) and use the passcode 8532119. A replay of the webcast will be available through the same link following the conference call, or by dialing (toll free) 1-(800) 585-8367 or 1-(416) 621-4642 (toll) with the passcode 8532119 starting at 8:00 p.m. Eastern Time that evening through March 11, 2020.
Fiverr International Ltd. announced the launch of Fiverr Logo Maker, bringing the power of artificial intelligence to Fiverr’s best creative talent. Fiverr sellers now have the opportunity to monetize their existing design portfolio by instantly producing hundreds of logo permutations using AI-based tools developed by Fiverr. For buyers, the powerful service streamlines the logo creation process allowing them to rapidly personalize and customize original, handmade designs created by Fiverr sellers. Recognizing the risk that automation and AI presents for the creative community, Fiverr Logo Maker is advancing a unique approach that preserves the integrity of human-made logo designs, while giving business buyers a fast and intuitive service to build a logo. There is a spectre haunting the future of work in the form of AI and automation enabling machines to displace people’s jobs. Fiverr is determined to harness the power of AI and automation to enhance human productivity, recognizing that, used properly, technology can also unleash human creativity. While AI plays a critical role in automating certain repetitive tasks, like data entry and collection, its success also highlights human skills such as creative thinking, storytelling, and social interaction, which will never be truly automated by machines. As a result, AI will make some work more human, not less.