According to data released today by WhichLance.com, the leading freelance marketplaces increased their billings by almost 17% in the last quarter of 2010.
Online PR News – 28-February-2011 –The strong growth ion the last quarter of 2010 reversed the trend of Q3 which saw a significant slow-down in growth. The latest figures will be welcome news to the leaders in the market and their growing band of VC investors and financiers who have invested heavily in the sector in recent years.
The latest data from the Freelance Marketplace Review showed the top five marketplaces posted combined billings of $82.64m between October 1 and December 31 2010, up from $70.65m in the third quarter of the year.
Freelancer.com, the micro-outsourcing marketplace which focuses on low-cost and high volume projects demonstrated its strength with the largest increase in billings by percentage. The site increased its turnover by almost 20% from $6.1m in Q3 to $7.29m in Q4.
“In Q1 the five leading marketplaces had combined billings of $50 million, that figure now stands at $82m, by the end of the first quarter of 2011 I expect it will be about $100m.”
oDesk, the site favoured by those who want an on-demand, hourly paid workforce continued to flex its muscle, with billings up over 15% on the previous quarter to an outstanding $37m USD.
Meanwhile Elance.com, one of the longest established marketplaces, also continued its strong growth, with billings of $28.73m, compared to $24.6m in Q3.
Marc Morgan, the new author of the report said “The 4th Quarter of 2010 was a strong one for all the major players. These final quarter results for 2010 show growth in each consecutive quarter of 2010.”
He continued “In Q1 the five leading marketplaces had combined billings of $50 million, that figure now stands at $82m, by the end of the first quarter of 2011 I expect it will be about $100m.”
Overall, the space is performing well in the economic uncertainty, more and more businesses are taking advantage of the lower costs and increased flexibility of hiring an on-demand, flexible workforce on a per-project or hourly basis.
A strong upturn in media exposure is also fuelling growth across the sector and pushing online outsourcing into the mainstream.
The full Freelance Market Review, Q4 2010 can be downloaded free of charge here: http://whichlance.com/review/freelance-market-review-q4-2010.pdf