William Jessup University Analyzes the Growth of the Gig Economy
NEW YORK, April 24, 2019 (Newswire.com) - William Jessup University sheds light on the history of the gig economy outside of the 1930s era and in the face of what technology has given humans. The university delves into history by using Airbnb, Uber and Lyft as case studies.
Several decades ago, many individuals were faced with the challenge of not getting sustainable pay, hence the need to do other minor jobs to sustain their families. Years later, this would give rise to a more common leap for individuals to keep up with the American dreams: the gig economy.
The institution begins its historic venture by mentioning how people have worked on short-term jobs for a long time, from temp positions to freelancing. The gig economy is, hence, a sector of the service industry, where work is done on a temporary basis to earn the "gig" workers some more income. In the last 10 years, about 1 million people subscribed to working part-time, and technology has made it possible for them to work more flexible hours and be self-managed.
William Jessup University considers Airbnb, Uber and Lyft the three largest players in the history of the gig economy.
AirBed and Breakfast, which the world has now come to know as Airbnb, was founded in August 2008 by Brian Chesky and Joe Gebbia. After 7 months, it had about 10,000 users and 2,500 listed options. By February 2011, the total number of nights booked reached 1 million nights, and by June of the same year, 2 million nights were booked through the platform. In the following years, the number grew from 5 million to 10 million, and the number of guests grew to 4 million. As of February 2018, 300 billion guests hosted on Airbnb, and the forecast rising projection is said to reach 1 billion people by the year 2028.
Uber began about seven months later than Airbnb, in March 2009. It was founded by Travis Kalanick. With the steady aim of servicing people through individuals who would offer their cars to commute guests, the service launched. And by December 2011, Uber served six main cities. With major milestones measured in specific months, Uber was serving 12 cities with 75 employees in 2012, and by July 2013, it grew into 35 cities with 300 employees. Within years, people’s demand for the service got more personalized with black cars, meal deliveries, rideshares, etc. And by October 2016, 500 cities were served with 480 million registered annual riders.
Lyft was a new development from the pivoting of Zimride, which was a ridesharing program for college students. Founded by John Zimmer and Logan Green, Lyft launched in June 2012. By May 2013, the program, which only functioned in California had already earned 1.56 million annual riders. By July 2013, six cities were served. The number grew steadily, and by July 2017, a 100% service growth was measured for two years in a row -- 365 million annual riders.
Considering the growth rate in the history of the gig economy in these case studies, William Jessup University explains that the future of the gig economy is impressive, as more people will be getting into the sector and are to outnumber traditional employees by two times more.
Source: William Jessup University
