Four Top Growth Companies Already Capitalizing on the Gig Economy

Financialnewsmedia.com News Commentary

PALM BEACH, Florida, Feb. 20, 2020 /PRNewswire/ -- The gig economy has become a new normal in the workplace. All as a growing number of companies turn to freelancers to do jobs in a more cost-efficient way without the need for physical presence in a workplace, as highlighted by Fortunly. Interesting to note, a 2018 Gallup poll found that 36% of U.S. workers have a gig work arrangement. Plus, according to PYMNTS.com Gig Economy Index, 40% of gig workers generated a larger part of their income from the gig economy.  Gig growth is only expected to balloon with projections of 3.2 million gig jobs by 2025, an increase of nearly 8.5% from 2019.  It's already creating sizable opportunity for companies such as HeyBryan Media Inc. (CSE:HEY) (OTCQB:HEYBF), LYFT Inc. (NASDAQ:LYFT), Etsy Inc. (NASDAQ:ETSY), Upwork Inc. (NASDAQ:UPWK), and GrubHub Inc. (NYSE:GRUB).

HeyBryan Media Inc. (CSE:HEY)(OTCQB:HEYBF) 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 announced that Bryan Baeumler will be featured at the upcoming BC Home + Garden Show. Bryan Baeumler is the face and namesake of HeyBryan, as well as a Canadian HGTV personality, Gemini Award Winner, and one of Canada's most trusted contractors. He is recognized as a home-maintenance expert and has been featured in five hit TV programs including Disaster DIY, House of Bryan, Leave it to Bryan, Bryan Inc., and most recently, Island of Bryan. Island of Bryan became one of the top five most watched TV shows in several Canadian media markets in its first season; the number three show in Canada for all specialty television programming; and the highest rated HGTV show in over a decade.

The BC  Home + Garden Show is focused on home-related products and features industry experts and informative presentations from renowned local and international home professionals. The Show will take Place from February 19-23 at BC Place Stadium (777 Pacific Blvd), with Bryan taking the stage on Friday at 6:00 PM and Saturday at 1:00 PM. Lance Montgomery, CEO of HeyBryan, says: "Bryan was one of the first people to join the HeyBryan team as well as one of the first to see our vision and the app's true value. His extensive experience in the home maintenance and home care industry has brought incredible insight to our team, and we look forward to seeing Bryan's presentation at the show."

Other related developments from around the markets include:

LYFT Inc. (NASDAQ:LYFT) 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. 

Fiverr International Ltd. (NYSE:FVRR) 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. 

Upwork Inc. (NASDAQ:UPWK) announced that Tim Sanders has joined the company as vice president of customer insights. In this new role for the company, Sanders will help businesses implement better ways of working through the adoption of flexible talent solutions. Sanders brings more than 25 years of experience, spanning from his time as chief solutions officer at Yahoo to an early-stage team member of Mark Cuban's broadcast.com and at his own research-based consultancy, working with leading global brands such as Farmers Insurance, Cox Media Group and Raytheon. While at Yahoo, Sanders founded the company's ValueLab, which conducted research and executive briefings to support Yahoo's most strategic relationships. At broadcast.com, Sanders produced the Victoria's Secret Fashion Show webcast, which gained worldwide attention due to its record-breaking viewership. Sanders is the New York Times bestselling author of five books, including Love is the Killer App: How to Win Business and Influence Friends and Dealstorming, which won the 2016 Axiom Book Awards Gold Medal for sales. He has also delivered keynote speeches at over 500 events around the world. 

GrubHub Inc. (NYSE:GRUB) announced financial results for the fourth quarter and full year ended December 31, 2019 and also posted a letter to shareholders on its investor relations website. For the fourth quarter, the Company reported revenues of $341 million, which is a 19% year-over-year increase from $288 million in the same period last year. Gross Food Sales grew 13% year-over-year to $1.6 billion, up from $1.4 billion in the fourth quarter of 2018."We strengthened both sides of our marketplace during the fourth quarter, adding 1.4 million active diners and more than doubling our restaurant selection from just a quarter ago," said Matt Maloney, Grubhub founder and CEO. "We are making good progress on the key initiatives we outlined last quarter. We added more than 15,000 partnered and over 150,000 non-partnered restaurant options for our diners and we also launched a number of new loyalty programs for our restaurant partners."

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