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July 1st – September 30th
By Saif Bonar Founder, WhichLance.com
Published 22nd November 2010
© Media Solutions International Limited.
Page 3 Page 4 Page 5 Page 6 - 7 Page 8 Page 9 - 10 Page 13 Page 14 Page 19 Page 20 Foreword Aims & Objectives Executive Summary & Key Findings Overall Market Position Traffic Rankings Quarterly Billings Number of Buyers Number of Projects Posted Market Forecast Credits & Acknowledgements
Page 11 -12 Freelance Service Providers
Page 15 - 18 Media Exposure
This is the third quarterly review of freelance marketplaces, compiled by WhichLance.com, the outsourcing marketplace comparison site. This review focuses on the third quarter of 2010 (July - September). A similar report will be produced on a quarterly basis, followed up with an annual review, the first of which will be published in March 2011. This report provides an independent review of freelance marketplaces based on observations, hypotheses and commentary, stemming from desk research and analysis, tacit knowledge of the marketplace and dialogue with industry insiders. This review demonstrates how the key players in the industry are growing, identifies those marketplaces which are trailblazers and flags those who may have lost their way or are struggling to maintain pace with the leaders in the field. This, our third review has been prepared in a more rigorous fashion than previous issues, more time and attention has been paid to focusing on the facts and highlighting anomalies in the statistics gathered. After much deliberation over the best method of devising an outright ranking for marketplaces we have decided that the market is too complex to come up with a simple black and white ranking which is both fair and accurate. We have therefore dispensed with assigning a WhichLance ranking in favour of reporting and analysing the statistics in more detail and allowing readers to draw their own conclusions on which marketplaces are faring best overall. We have been working with representatives from within the industry to refine the metrics and ensure we produce a review which is accurate, fair and unbiased. This dialogue will continue into the Q4 review and I hope more marketplaces will join the debate and supply their data for analysis. It is our intent to create a steering group which is representative of a broad crosssection of outsourcing marketplaces to help define the future scope of the quarterly and annual market review and to help us identify other research needs which exist in the market. To that end I would like to particularly thank Ian Ippolito at vWorker, Ellen Pack at Elance, Erica Benton at oDesk and Matt Barrie at Freelancer for sharing their insight and thoughts on how the review can be refined and improved. We appreciate your efforts.
The aim of this review is to provide analysis of key freelance marketplaces for the purpose of maintaining an independent, unbiased view of the market, which to date has not been available.
• • identify overall trends in freelance marketplaces worldwide provide an independent assessment of the industry provide forecasts for the future of the industry
This review is aimed at anyone with more than a passing interest in freelancing and outsourcing marketplaces, particularly investors, funders, senior executives in the industry and journalists and media outlets interested in running stories on freelancing and the rise in popularity of freelance marketplaces.
A number of industry leaders have raised concerns over our ranking system and the accuracy of data collected. We have listened to the feedback and hope this 3 rd edition of our review will offer a more concise, accurate and fair portrayal of the industry, with more emphasis on a broader range of metrics other than quarterly billings. We have also chosen to dispense with providing an overall rank for the marketplaces. It has proved to be both difficult and contentious. Instead we will allow the reader to draw their own conclusions based on the facts provided. As of this review errors and omissions from previous reviews will be highlighted in order for us to rectify data inaccuracies and explain anomalies in the statistics provided. Billings There were some discrepancies with the billings data in our Q2 report, as follows: Billings for Freelancer were quoted at $8.9m for the quarter, up from $5m. The correct figure was $5.7m. This puts growth at Freelancer for the 2 nd quarter at 14%, not 78%. Billings for ScriptLance were quoted at $0.5m, but should have been $1.5m. They remained flat. These irregularities combined to produce a differential in cumulative billings of -$2.7m giving a combined billings figure of $70.25m USD across all the marketplaces for which data was gathered.
The 3rd quarter of 2010 has been an interesting one. The overall trend of growth in online outsourcing has continued and quarterly billings are way up 11.75% on Q2 figures to $78.6m. Notwithstanding this, growth has been somewhat slower than expected. This slowdown in growth can be attributed to a combination of political, social and environmental factors. Social factors are likely to be the primary factor, but without historical data it has not been possible to compare Q3 2010 with Q3 2009 which would have provided more insight and assisted us in drawing more meaningful conclusions. In terms of billings, the two leaders, Elance and oDesk continue to pull away from the rest of the pack, increasing their overall share of billings by 1 percentage point to 70%. oDesk alone accounts for almost 40% share of the market, by billings. LimeExchange and PeoplePerHour displayed the strongest growth in billings over the previous quarter with 56% and 79% growth respectively. There was strong media exposure for the sector in Q3 particularly in technical, and business press with features in Forbes, Inc. 500, Tehnorati, TechCrunch, PC Magazine and the Wall Street Journal among numerous others. The mainstream media also promoted micro-outsourcing heavily with International Herald Tribune, Fox News, The Guardian, The Independent, New York Times and a number of others dedicating column inches or airtime to the sector, most often in a positive fashion.
All figures relate to the period 1st July - 30 th September 2010 and are based on figures supplied from the top 10 freelance marketplaces. • • • • • Total Spend across the leading freelance marketplaces was $78.6m, up 11.75% on Q2. Growth in spend across the market slowed considerably to 11.75%, down from 40% in Q2. The top two marketplaces - Elance and oDesk - claimed the lion's share of billings with 70% between them ($55.75m), up from 69% in the last quarter. oDesk claimed 39.63% share of total billings in this period. Elance increased its workforce by 83.1% over Q2. Freelancer surpassed key milestones of 10m bids placed on its marketplace, 800,000 jobs posted and 1.8m registered users.
Overall Market Position
Table 1: Overall market positions as at 1st October 2010. The table below looks at the overall position in the market for some of the leading freelance marketplaces. It is not intended to be used as a comparison tool as the figures are based on the lifetime of the marketplace. While some have more than a decade in the market under their belt (Elance and Guru) others are to all intents and purposes fledglings in the market with only a few years in existence.
Marketplace Elance Freelancer GetACoder Guru iFreelance Lime Exchange oDesk PeoplePerHour ScriptLance vWorker 1.
Ranking1 12,876 5,221 N/A 112,619^ 44,520 N/A 107,074 81,921 N/A 196,542
Billings $305m $65m N/A N/A N/A $7m $196m $21.3m $30m $72m
Freelancers 285,697 1,517,637 N/A 250,000 15,000 76,674 332,000 70,040 40,690 304,928
Buyers 119,185 313,425 N/A N/A N/A N/A N/A 23,483 38,913 147,689
The marketplace ranking is based on website usage data gathered from QuantCast. This data was collected on 4th October 2010. Although accurate for those marketplaces who have verified Quantcast tracking code in place on their site, other figures are based on estimates and projections from Quantcast and may be inaccurate. Those with N/A rankings represent marketplaces for which Quantcast has insufficient data to provide an estimated rank. ^ Rankings are based on unquantified Quantcast estimates.
2. This figure relates to the lifetime billings of the marketplace as declared by them either publicly,
or in communication with WhichLance.com. This figure is collected an published for the purpose of WhichLance providing an overall summary of the online freelancing sector, since its inception. Some marketplaces, such as Elance, which was one of the pioneers, have existed for much longer than newer marketplaces such as Lime Exchange and PeoplePerHour.com. been defined as a freelance worker who has actively bid on projects within the past 12 months. This figure relates to 'active buyers' an active buyer has been defined as an individual or organisation who has posted a project within the past 12 months.
3. This figure relates to 'active freelancers'. For the purpose of this review an active freelancer has 4.
5. GetACoder have failed to respond to our data request in this edition of the market review. We also
feel the declared billings on their website are not accurate and have omitted them from this report in the interests of maintaining data integrity.
Although ranking marketplaces is fraught with complexity, we believe a snapshot of rankings of the major marketplaces gathered from a range of sources adds value to the market report and can be helpful when used as a general barometer of the reach and impact of a marketplace, particularly in the absence of more in-depth statistics or direct communication. While we are reviewing the metrics which will be used in the rankings section of future issues of the review we have included rankings from Alexa and QuantCast for Q3. We will look at other potential data sources from Q4. oDesk leads the pack in terms of Alexa rank, with a position of 378, Freelancer is a close 2nd with a global rank of 402, followed by Elance with a Global rank of 440. These 3 marketplaces are the only ones in the top 1000 sites according to Alexa. vWorker, is ranked 1,848 but, the re-brand from RentACoder will be causing an imbalance which we expect will correct itself by the end of the year. On the Quantcast front, Freelancer, one of the few marketplaces to quantify their data using their tracking pixel is leaps and bounds ahead of the other marketplaces with a global ranking of 5,221. Table 2: Marketplace rankings The table below indicates the ranking of major marketplaces at the end of Q3. It is important to highlight that neither Alexa nor Quantcast offer a flawless ranking methodology. Alexa has a heavy US bias and its sample and stats can be skewed or manipulated. Quantcast rank is only accurate for those sites which install and activate the Quantcast tracking pixel, unquantified figures are estimates and can be inaccurate.
Marketplace Elance Freelancer Get A Coder Guru iFreelance LimeExchange oDesk PeoplePerHour ScriptLance vWorker
Alexa Rank 440 402 10,840 2,270 17,245 50,450 378 5,917 3,150 1,848
Quantcast Rank 12,876^ 5,221 N/A 112,619^ 44,520^ N/A 107,074^ 81,921^ N/A 196,542^
1. Alexa Rank obtained on 4th October 2010. 2. Quantcast Rank obtained on 4th October 2010. 3. vWorker rankings are negatively affected by the re-brand from rentacoder.com, we expect their
stats to normalise by the time we report on Q1, 2011. ^ denotes an unquantified estimate from Quantcast
The 3rd quarter of 2010 saw continued growth across the sector with an overall increase in billings of 11.75%. This figure represents a significant and somewhat unexpected slump in growth compared to the figure posted in the Q2 review, in which we reported a 40% increase in billings over the previous quarter. Table 3: PESTEL Analysis of online outsourcing sector in relation to billings
Political On a political level, during the run up to senate elections held in November a number of candidates used an anti-outsourcing mantra in an attempt to rally support. Economical The global economic downturn may have contributed to a slow-down, in particular buyers in the UK will have had a degree of apprehension surrounding significant public spending cuts as the British Government battles with its budget deficit. Technological The proliferation of cloud based technology, and the vogue status of 'crowd-sourcing' may have contributed in some small part to the reduction in growth. Those who are intent on being part of the avant-garde may have switched from conventional marketplace models to newer crowd-sourcing or contest based outsourcing models. Legal No legal barriers have been identified which may have contributed to the slow pace of growth encountered in this reporting period.
Social Naturally, the 3rd Quarter covers the peak summer period in the Northern Hemisphere. Given the high preponderance of SME buyers from the UK and USA fuelling growth in the market it is expected that the vacation period played a significant role in the slow-down.
Environmental Several environmental factors may have contributed to the slow-down in growth. Most notably flooding in India and Pakistan which are both staple sources of freelance workers on outsourcing marketplaces may have crated temporary shortages in labour and reduced economical output, having a negative impact on billings.
Although all the factors identified in the analysis above may have come together to have a direct impact on growth, anecdotal evidence suggests Q3 is traditionally slower than other times of the year, primarily because of the summer holiday period.
While oDesk's pay per hour and online workforce model has clearly shone through in terms of billings by volume, the fledgling marketplace, LimeExchange has shown incredibly strong growth of 56%, only surpassed by PeoplePerHour, who have again posted extremely strong growth with estimated billings in Q3 up 79% over Q2. From a billings standpoint, the two US giants Elance and oDesk continue to assert their market dominance with $58.3m in combined billings in the 3 rd quarter. This takes their combined lifetime billings over the $500m threshold; a major milestone, which each is coming close too achieving on an individual basis, probably by early 2012. From the data available it is clear oDesk continues to lead with quarterly billings of $32.6m, up by more than 27% on the Q2 figure of $25.7m. Elance too increased its billings, up to $25.7m from $23.2m in Q2, an increase of almost 10%.
Quarterly billings at Freelancer rose $0.4m from $5.7m in Q2 to $6.1m in this period. Although this figure is relatively small, Matt Barrie, CEO of Freelancer points out that $400,000 spent on Freelancer is equivalent to $4m spent in a more conventional outsourcing environment, such as hiring a local web developer or bookkeeper. Meanwhile Canadian firm, ScriptLance, claims $1.5m in billings for the period, up from our reported figure of $500k from Quarter 2, however this has been explained by ScriptLance founder as confusion over the data collection period and the Q2 figure was based on average monthly billings that period, not combined billings for the quarter. This means ScriptLance billings remained flat in Q3. The leading British marketplace, PeoplePerHour has declined to verify data in this reporting period, leaving us to work from projections published on the PPH Economy area of their website. If accurate, the data indicates huge growth continues for the firm with a 78% jump over Q2 billings, bringing 6 month growth figures to a phenomenal 393% from $1.5m in Q1 2010, to $5.9m during Q3. A number of other marketplaces have not been forthcoming with data. We will be expanding the review in 2011 to include a broader range of marketplaces, this will prevent several marketplaces withholding information from having an adverse impact on the overall market review. Table 4: Quarterly Billings Performance
Marketplace Elance Freelancer Get A Coder ¤ Guru ¤ Ifreelance ¤ LimeExchange oDesk PeoplePerHour ScriptLance vWorker Q2 Billings $23.2m $5.7m $0.6m $4.5m $0.3m $0.45m $26.7m $3.3m^ $1.5m^ $4m¤
Q3 Billings $24.6m $6.1m $0.5m $4.9m $0.35m $0.7m $31.15m $5.9m^ $1.5m^ $2.9m
Change + $1.4m(6.1%) + $0.4m (7.1%) - $0.1m (17%) + $0.4m (10%) +$0.05m (5%) +$0.25m (56.00%) +$4.45m (16.7%) +$2.6m (79%) +0 (0.00%) N/A
1. There was an irregularity in our Q2 data for Freelancer. Quarterly billings were $5.7m not $8.9m. This puts Q2 growth at 14%, not the 79% we originally published. 2. In Q2 we erroneously reported billings at ScriptLance as $0.5m. The correct figure should have been $1.5m, based on estimates supplied by ScriptLance. ^ Figure based on a credible estimate provided or published by the marketplace ¤ Figure based on a WhichLance estimate.
Starting with this issue of the freelance market review we have revised our definitions to ensure accurate data is collected. We now request data on the number of 'active' service providers from participating marketplaces. An 'active' provider has been defined as a registered user of a freelance marketplace that has sought work, by bidding on one or more projects through the marketplace within the past 12 months. The figure includes those who may have bid for work, but been unsuccessful in securing any. Elance has grown its virtual workforce by 83.1% in Q3, building on the impressive 47% growth posted in Q2. Factors which have led tot his growth include an improved communications strategy and user interface which has made it clearer to prospective workers that no upfront fees are payable to register or bid on projects. An overhauled affiliate marketing programme is also yielding rewards, with the proliferation of freelance job boards such as Donanza.com which aggregate project listings from multiple marketplaces. Unquantified figures from PeoplePerHour puts their growth at 32.2%, spurred in part by an ongoing PR & media campaign aimed at getting a solid footing in the US market. oDesk also fared well this quarter with the number of registered freelance providers up by 21.4% to 770,000. LimeExchange who we predicted would suffer a steady contraction in billings has surpassed our expectations with over 7,000 new providers in Q3, up by over 10%. Freelancer, have supplied a breakdown of the number of buyers and providers in their network. This is the first time this information has been made public. According to the data supplied the marketplace increased its freelance workforce by 10.5% in the last quarter, from 1,358m to 1.517m service providers, making it the clear market leader. Clearly the tender process is competitive and prices are reflected by this. Table 5: Total Number of Active Service Providers The figures in this table have been supplied by the marketplaces themselves. They are based on active freelance workers, defined as a service provider who has actively sought work through the marketplace in the last 12 months. This includes those who have bid on work but not won a project. As of this review we will be providing exact figures, rather than rounding to the nearest '000. As such, on this occasion the figure for Q2 is only accurate to the nearest thousand. Data will be normalised by Q4 in preparation for expansion of coverage.
Marketplace Elance Freelancer GetACoder * Guru * ifreelance * Lime Exchange Odesk PeoplePerHour ScriptLance Q2 156,000 1,358,285 N/A 975,000 N/A 69,000 635,000 53,000 N/A Q3 285,697 1,517,637 N/A N/A N/A 76,674 770,659 70,040 40,690
Change +129,697 (83.1%) +159,352 (10.5%) N/A N/A N/A +7,674 (10%) +135,659 (21.4%) +17,040 (32.2%) N/A
1. Although figures for oDesk have been published here it is important to highlight that this figure has been obtained from the oConomy section of the oDesk website. It has not been verified and is not a figure for 'active' freelancers as defined above. 2. The figure for PeoplePerHour has not been verified as an accurate number of 'active' freelancers as defined in the notes above. * Marketplaces failed to provide accurate data.
Number of Buyers
Data for the number of buyers has been redefined for this review to cover 'active' buyers. An active buyer is a buyer of services who has posted a project to the marketplace within the past 12 months. A number of marketplaces were unable or unwilling to verify their data for this issue of our market review. Of those that did make data available it is clear that PeoplePerHour continues to make significant headway with a 38% increase in the number of buyers using its marketplace. Freelancer has recorded a 10.1% increase in the number of active buyers between Q2 and Q3, 2010. 313,425 individuals have posted a project on their website in the last 12 months. Table 6: Number of Buyers using Freelance Marketplaces The figures in this table have been supplied by the marketplaces themselves. They are based on active freelance workers, defined as a service provider who has actively sought work through the marketplace in the last 12 months. This includes those who have bid on work but not won a project. As of this review we will be providing exact figures, rather than rounding to the nearest '000. As such, on this occasion the figure for Q2 is only accurate to the nearest thousand. Data will be normalised by Q4 in preparation for expansion of coverage.
Marketplace Elance Freelancer GetACoder * Guru * Ifreelance * Lime Exchange * oDesk * PeoplePerHour ^ ScriptLance vWorker Q2 Buyers 113,000 281,769 N/A N/A N/A N/A N/A 17,000 N/A 141,000 Q3 Buyers 119,185 313,425 N/A N/A N/A N/A N/A 23,483 38,913 147,689 Change +6,185 (5.47%) +31,656 (10.1%) N/A N/A N/A N/A N/A +6,483 (38.14%) N/A +6,689 (4.74%)
* Marketplaces failed to provide accurate data. ^ Data based on figures published on the PPH website.
Number of Projects Posted
A new data sample for the 3 rd quarterly review, the number of projects posted is a good barometer of overall activity on a marketplace. Although quarterly billings tells us which marketplace had the highest turnover, the number of projects posted takes into account those marketplaces whose target market is lower value, ad-hoc and one off projects. These marketplaces may have significantly lower billings, while generating high levels of activity. As this is a new metric introduced for Q3 we have not been able to obtain accurate data from as many marketplaces as we had hoped. We are currently looking into various means by which we can collect this data more effectively for future issues of the review. The table below lists the number of projects posted on each of the three marketplaces which were able to supply data for this reporting period. Elance reported almost 100,000 projects posted, vWorker almost 40,000 and ScriptLance over 20,000. All healthy figures which indicate that each offers a thriving and active marketplace frequented by numerous buyers. As more data is collected we anticipate this section will provide more insight into the activity and usage trends on the major marketplaces.
Table 7: Projects Posted on Freelance Marketplaces
Marketplace Elance Freelancer GetACoder Guru Ifreelance Lime Exchange oDesk PeoplePerHour ScriptLance vWorker Q2 Projects N/A 86,3432 N/A N/A N/A N/A N/A N/A N/A N/A
Q3 Projects 98,032 86,343 N/A N/A N/A N/A N/A N/A 21,131 39,880 N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
1. We did not collect data on the number of projects posted on each marketplace in the Q2 review.
We will include in in future issues and hope to obtain data from more sources in the Q4 review and beyond. We hope to collect additional data from other marketplaces in retrospect.
2. This figure was supplied by Freelancer for the purpose of providing an accurate historical account.
Its been a bumper quarter for the sector as a whole in terms of positive exposure in the global media. More than 65 separate features ran in titles as diverse as Wall Street Journal, New Scientist, The Guardian, Christian Science Monitor and Business Daily Africa. Some of the most notable coverage included reports on the oDesk workforce clocking up 1 million hours during August (TechCrunch & BizJournal) and Freelancer exceeding 1.8m users and 800,000 jobs posted (Forbes Newswire). The Jerusalem post ran a story at the end of July which cited both Elance and vWorker as websites which were used to transfer funds to individuals linked to the assassination of Mahmoud Mabouh, one of the founders of Hammas in a Dubai hotel in January 2010. Overall Elance was most successful in terms of gaining media exposure, with 28 mentions in the quarter in titles such as the New York Post, International Herald Tribune, Entrepreneur Magazine, Christian Science Monitor and Fox News. oDesk secured 23 pieces of exposure in titles such as Entrepreneur Magazine, Business Week, USA Today and TechCrunch. vWorker was featured in the Inc 500 list of the fastest growing companies in the US while also being mentioned in features in Forbes, MSN Money Central and the Jerusalem Post. While CEO Ian Ippolito was interviewed on 'The American Entrepreneur' radio show. PeoplePerHour put in a strong performance with features in the Telegraph and Guardian, Computer Weekly, Wall Street Journal and V3.co.uk and the Independent. Freelancer meanwhile had coverage in PC World New Zealand around the launch of its local facing global freelance marketplace in New Zealand together with coverage on the Forbes Newswire among others. Guru also managed to get some decent coverage with mentions in Forbes, Business Daily Africa and Business Standard.
Table 8: Media Exposure for the leading 10 freelance marketplaces The table below provides a chronological list of exposure for the leading freelance marketplaces with links through to the original story. Date
5-Jul-2010 6-Jul-2010 7-Jul-2010 7-Jul-2010 7-Jul-2010 9-Jul-2010 9-Jul-2010 13-Jul-2010 14-Jul-2010 21-Jul-2010 21-Jul-2010 23-Jul-2010 26-Jul-2010
The Business of Working From Home Crowdsourcing a game changer for Australian business Fractional work. The next small thing? Hot Online Jobs Stand Apart From Economy The Fading iPhone App Store Has Email and the Internet Killed the 9-5 Workday? Survey: Freedom, Not Lack of FullTime Work, Propels Freelancers Radio interview of vWorker CEO Ian Ippolito Case Study: The book-keeper Demand for HTML5 Skills On The Rise, Report Says 5 Red Flags You Shouldn’t Ignore When Hiring Remote Employees Recession Requires Small Business to Embrace Flexible Hiring Freelancer.com Rockets Past 10 Million Bids, Hits 1,700,000 Users as World’s Largest and Most Liquid Outsourcing vWorker Selects ThreatMetrix Fraud Network to Fight on Its Online Marketplace oDesk Hires Its First CFO Start a Graphic Design Business Report: US Companies Tied To Dubai Hit Report: US Companies Tied to Alleged Mabhouh Assassins Unemployment Report Missing a Surgein Freelance Jobs? A New White-Collar Juggle Start Selling Something (14) Web Solution Survey Reveals Growing Reliance on IT Freelancers SMEs Favour Freelancers as IT Spend Increases How to Get a Green E-Business Off the Ground To Cut Costs, Councils Should Embrace Open Data and ‘Community Coders’ Council Spending on Websites: Find Out How Much They Spent
Fox News Smh.com.au Recruiter.co.uk The Street The Atlantic ComputerWorldUK Technorati The American Entrepreneur Guardian.co.uk GigaOm The Business Insider Recruiter.co.uk Sys-con.com
Elance oDesk Freelancer, Elance oDesk, Elance, Guru, PeoplePerHour Freelancer Freelancer Elance Elance vWorker PeoplePerHour oDesk, Elance oDesk PeoplePerHour Freelancer
27-Jul-2010 28-Jul-2010 29-Jul-2010 31-Jul-2010 31-Jul-2010 6-Aug-2010 10-Aug-2010 10-Aug-2010 12-Aug-2010 12-Aug-2010 14-Aug-2010 16-Aug-2010 16-Aug-2010
MarketWire Biz Journals HBCInc Jpost.com Jpost.com Christian Science Monitor The Wall Street Journal International Herald Tribune OnRec Computer Weekly Fox Business Telegraph.co.uk Guardian.co.uk
vWorker oDesk Elance Elance, vWorker Elance, vWorker Elance PeoplePerHour Elance PeoplePerHour PeoplePerHour vWorker, oDesk PeoplePerHour PeoplePerHour
17-Aug-2010 17-Aug-2010 18-Aug-2010 20-Aug-2010 23-Aug-2010 25-Aug-2010 26-Aug-2010 27-Aug-2010 29-Aug-2010 31-Aug-2010 31-Aug-2010 1-Sep-2010 1-Sep-2010 3-Sep-2010 4-Sep-2010 4-Sep-2010 5-Sep-2010 6-Sep-2010 6-Sep-2010 7-Sep-2010 7-Sep-2010 8-Sep-2010 8-Sep-2010 9-Sep-2010 12-Sep-2010 15-Sep-2010 16-Sep-2010 16-Sep-2010 18-Sep-2010 20-Sep-2010 21-Sep-2010 22-Sep-2010 24-Sep-2010
Learn to Delegate for Better Running of Your Business In Shaky Economy, More White-Collar Workers Moonlighting Harness What You Have A Glut of Hiring Alternatives Online Hiring Halls Rely on Global Labor Pool Freelance Nation Fastest Growing Private Company Award iovation Listed on the Inc. 5000 Ugh: the 'free' in freelance HTML5 Skill Test for Developers Need cash? Make extra money online Exploring a Healthy Cloud-Computing Job Market More People Are Choosing the Freelance Lifestyle Java - It's Not Dead, Folks - It's Doing Just Fine Online Freelance Workforce Continues to Rise Did E-mail and the Internet Kill the 95 Workday? Gigs Morph Into Careers Did Internet Kill the 9-5 Workday? Should You Outsource Your Work? A million hours worked at oDesk in August Online Workers Doing Fine, oDesk Passes One Million Hours A Month Online Job Market Gains 45% Hiring Contractors Appealing in Time of 'Tremendous Uncertainty' How To Work From Home— Legitimately Co-founder of oDesk helps employers monitor freelancers How To Find And Vet Temporary Tech Talent Freelance Online Work Gains Traction Freelancers and Temps See Mixed Signals of a Recovery Solvate Launches a Search Engine for Fancy Freelancers Freelancer.com and TemplateMonster.com Partner to Deliver World's Largest Web Template Financial strains drive demand for IT freelancers One Company Worked a Million Hours Last Month - Here's What They Could Have Done Instead Problem Solved: Freelance Hiring
Business Daily Africa The Wall Street Journal Investors.com Business Week San Francisco Chronicle Entrepreneur Inc 500 Business Wire Crain's New York Business Website Magazine MSN Money Central Cnet GigaOm ReadWriteBlog Website Magazine PCWorld New York Post ITWorld SmartMoney Biz Journal TechCrunch IT Information Week IT Business Edge Salt Lake Tribune USA Today Forbes Business Standard Daily Finance The New York Times Forbes v3.co.uk The Business Insider Fox Business
Guru, Elance, oDesk PeoplePerHour oDesk oDesk oDesk, Elance Guru, PeoplePerHour Elance, vWorker and oDesk vWorker oDesk Elance Elance, vWorker Elance Elance Elance Elance Elance Elance Elance Elance oDesk oDesk Elance oDesk Elance, Guru oDesk Guru, vWorker, oDesk, Elance Elance, oDesk, Guru oDesk oDesk, Elance Freelancer PeoplePerHour oDesk oDesk
25-Sep-2010 27-Sep-2010 27-Sep-2010 28-Sep-2010 29-Sep-2010 30-Sep-2010
Made Easy Freelancer.com Catapults Past 1,800,000 Users and 800,000 Completed Jobs on International Outsourcing site Freelancer.com launches Freelancer.co.nz Internet resources help small businesses thrive Business Diary: Bloomsbury turns off the volume Competition drives rise of global workforce The World of Remote Work: An Interview with oDesk CEO Gary Swart
Forbes PC World New Zealand ab7news.com The Independent Canada.com Business Pundit
Freelancer Freelancer Elance, oDesk PeoplePerHour oDesk oDesk
We did not foresee the slow-down in the market in Q3 and predicted $90 million billings for this period. Clearly this was ambitious even without the Summer slowdown. We do expect a quick bounce back and expect Q4 will be a strong one with $90m or more in combined billings. From Q1 2011 we will be including data from across the outsourcing and crowd-sourcing sector, giving a more accurate and inclusive account of spend in the micro-outsourcing industry. Table 9 – Billings Predictions
Marketplace Elance Freelancer GetACoder Guru iFreelance Lime Exchange oDesk PeoplePerHour ScriptLance vWorker Q3 2010 $25m $15m $1m $4m N/A $0.5m $28m $5m $0.4m $2m Q4 2010 $28m $18m $0.9m $3.5m N/A $0.4m $30m $8m $0.3m $2m 2011 $125m $90m $3m $3m N/A $1.5m $165m $40m $1m $10m
On an individual level we expect oDesk to be achieving in the region of $40m in quarterly billings by the end of Q4, 2010. By end of Q1 2011 we expect this figure to be $45m. By the end of 2011 we predict this figure will have reached $75m quarterly. We anticipate Elance to continue its growth trend and expect they will be hovering around the $28m mark by the end of Q4, surpassing $30m in Q1, 2011. By the end of 2011 we envisage quarterly billings of $45m at Elance. Freelancer too will continue its growth assisted by the roll-out of more local marketplaces. We foresee billings in Q4, 2010 to be around $8m. By end of 2011 we expect quarterly figures to reach $25m. vWorker should also report some growth in Q4, 2010 but we expect the real growth spurt to happen for them in 2011. Q1 2011 should see vWorker surpass $3m in quarterly billings. By end of 2011 we expect this figure to be $5m per quarter. Slow, organic growth is the order of the day, a luxury the vWorker, team can afford being debt free and answerable to no-one. PeoplePerHour is one to watch in 2011. Its self proclaimed mission to become the market leader combined with securing a 3 rd round of funding recently mean we expect a strong performance from them next year with a particular focus on continued expansion into the US market. Our previous predictions of consolidation in the market have been unfounded to date. We do not expect any activity in this regard to transpire in Q4. However, with the big boys in the world of Outsourcing and BPO turning their attention to micro-outsourcing and small businesses we think there is a strong likelihood of activity in this realm to come to bare in 2011.
• • • • • Saif Bonar, Author Aysha Meadows, Editor Rizza Marie Ortaliz, Researcher Karen Dasmarinas , Researcher Melanie Fabrero, Admin Support Supervisor
We would like to thank all the marketplaces in this report for their valuable feedback and input. We would like to particularly thank:
• • • • • • • •
Carolyn Adams, Borders & Gratehouse (on behalf of Elance) Matt Barrie, CEO, Freelancer Australia PTY . Erica Benton, Marketing & Communications Manager, oDesk Ian Ippolito, Founder and CEO, vWorker Dawn Ippolito, Head of Communications, vWorker Ellen Pack, VP Marketing, Elance Inc. Xenios Thrasyvoulou, CEO, PeoplePerHour Rene Trescases, Founder, ScriptLance