The AI-related gig is hotter than ever

 


The gig economy is experiencing a high demand for artificial intelligence (AI) related services, according to the CEO of Fiverr, Micha Kaufman. Although the gig economy is facing headwinds, with macro challenges resulting in “headwinds to overall freelance demand,” Fiverr posted results that showed only slight growth in clients hiring the talents of gig workers, but spending across that client population is up. In discussing company metrics, Kaufman noted that active buyers were 4.3 million, up 1% year over year. Repeat customers represent 63% of core marketplace revenue, and spend per buyer for the quarter ended December 31, 2022, reached $262, up 8% year over year.

Despite these challenges, Kaufman believes that the long-term secular trend towards remote work and flexible workforce remains intact, so they believe it’s just a matter of time for overall freelance demand to rebound. Kaufman also added that “engaging a dynamic workforce that combines full-time vs. independent workers, and on-site vs. remote is increasingly becoming a top-of-mind question for businesses of all sizes.”

Fiverr is seeing increased demand for AI artists and for developers crafting new tools related to chatGPT or writing, graphic design and video. There is also demand for fact-checking issues around copywriting and the accuracy of content. AI will also help improve the matching of buyers and sellers and streamline search and browsing, Kaufman said. AI is considered a growth area for freelancers and a technological revolution that can improve the company’s platform model itself.

Moreover, Kaufman believes that AI will create more jobs, and noted that AI “talents” have been flocking to the platform. Fiverr is seeing an “explosive” demand for AI-related services, and investors cheered the results, bidding up Fiverr shares 16% in intraday trading as guidance looked toward a top line growth rate of between 4% to 8% in the current year.

Management said that among the priorities this year will be to improve comparability in the online marketplace, in order to speed up matching and buyers’ choice – and to convert more customers into buyers. Management will also seek to build out external partnerships to open up new business channels, according to the Q&A. Fiverr is not only a platform for freelancers, but it is also a technology company that creates tools to enable freelancers to do more, faster, and better.

Fiverr's business model has successfully leveraged technology to connect freelancers with clients seeking their services. In addition, the company is continuously evolving its platform and improving its offerings to ensure that it remains relevant and competitive in the fast-changing gig economy. Fiverr's focus on AI-related services highlights the increasing importance of this technology in the future of work.

As more businesses look to adopt AI, there will likely be a growing demand for freelancers with AI-related skills. This presents a significant opportunity for platforms like Fiverr to provide a marketplace for these skills and connect businesses with freelancers who possess them. With the right tools and infrastructure, Fiverr is well-positioned to capitalize on this trend and continue to grow its business over the long term.

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