PALM BEACH, Florida, Dec. 20, 2019 /PRNewswire/ -- The Gig Economy had made quite a splash in recent years and according to recent reviews, it will continue to grow for the next several years… at least. Since the term "gig economy" became popularized in 2008-2009, task-based labor has evolved and has become a significant factor in the overall economy. The concept of creating an income from short-term tasks has been around for a long time but the rise of the Gig Economy has created an ever growing demand for these workers and the supply is also rising accordingly. The size of the Gig economy workers segment in 2017, represented 31% of all US workers in 2017 — a total of 48 million workers — according to recently released research by Staffing Industry Analysts, an industry insider. That's up from 29% in SIA's previous report based on 2015 data which increased according to a Harvard Business Review in 2018, which said that: "… it was equal to approximately 150 million workers in North America and Western Europe (who) have left the relatively stable confines of organizational life to work as independent contractors…" and the need for workers has continued to rise since then. Active companies in the markets this week include: YayYo, Inc. (NASDAQ:YAYO), LMP Automotive Holdings (NASDAQ:LMPX), Lyft, Inc. (NASDAQ: LYFT), Uber Technologies Inc (NYSE: UBER), Groupon, Inc. (NASDAQ: GRPN).
A recent report projected that the Gig Economy was targeted to grow to $443 billion by 2023 from 204B in 2018. This 123% increase in 5yr had investors paying attention for emerging companies in the space. Another report from Statista had an even higher projection saying that: "In 2023, the projected gross volume of the gig economy is expected to reach $455.2 billion U.S. dollars." Helping push the economy along is the growing demand and supply on the driving-service side of the business. Two of the biggest players are Uber (NASDAQ: UBER) and Lyft (NASDAQ: LYFT) and they both need drivers to continue to scale their ride share businesses. Yayyo, through its subsidiary, RideShare Rentals, supplies vehicles to these drivers on a daily basis. Drivers renting vehicles through YayYo have the ability to work for multiple platforms which allows drivers to maximize their time, take more fares which equals more money per day. Also according to Statista.com, "the ridesharing market has seen significant growth in recent years. A survey of almost 11,000 people in the U.S. indicated that 36 percent of people used ride sharing services in 2018, an increase from 15 percent in 2015. The largest two companies in the U.S. ridesharing market are Uber and Lyft, which reported net revenue in 2018 of $11.3 Billion U.S. dollars and $2.6 Billion U.S. dollars respectively."
YayYo, Inc. (NASDAQ:YAYO) BREAKING NEWS: YayYo Enters a Rideshare Rental Fleet Partnership with LMP Automotive Holdings- YayYo, Inc., a leading provider of vehicles to the rideshare industry through its wholly-owned subsidiary, Rideshare Car Rentals, this week announced California expansion with the opening of a San Diego office, and it's first entry into the lucrative Texas market with a Dallas location. The territory extension was facilitated by a new fleet partnership with LMP Automotive Holdings (NASDAQ:LMPX).
The recently established relationship with LMP included sourcing cars under a $2.5 million-dollar program that resulted in automotive inventory delivered this month with an additional delivery scheduled for January. YayYo's nationwide rideshare rental fleet continues to increase, as the company serves drivers for Uber, Lyft, Grubhub, Postmates, and other gig economy leaders. Each YayYo car lists at approximately, $1,700 a month for each vehicle with gross margins exceeding 40%.
The Company also received the first of almost 100 vehicles from a program announced earlier this month. YayYo deployed those vehicles in Chicago, Los Angeles, Oakland, Seattle and Las Vegas.
Commenting on the announcement, Jon Rosen, Chief Executive Officer of YayYo, states, "Demand for better, full-service vehicles by rideshare drivers continues to climb, supporting our growth. This month alone we added two new large-market offices and doubled cars in Seattle and Las Vegas." He added "We're very happy to be associated with LMP Automotive. They have a tremendous ability to source an array of vehicle types, across multiple lines and geographies."
Gabriel Peer-Drake Sr., General Manager for LMP Holdings states, "LMP is well-suited to provision large, growing fleet owners like YayYo with fast inventory growth, through all types of vehicles and programs. When they need multiple car types in multiple states quickly, we're pleased they turned to us".
Additional developments and companies with influence on the gig economy in the markets this week:
Groupon (NASDAQ:GRPN) this week announced John J. Higginson will join the company as Chief Technology Officer, overseeing the company's global engineering, information security and platform development efforts.
"We're excited to have a technologist of John's caliber join the Groupon team and lead a talented global engineering group committed to building an unmatched Groupon experience," said Groupon Chief Operating Officer Steve Krenzer. "John brings a progressive view of agile development and deployment and shares our commitment to meet our customers and merchants both where they are today and where they'll be tomorrow."
Lyft, Inc. (NASDAQ: LYFT) operates a peer-to-peer marketplace for on-demand ridesharing in the United States and Canada. The company offers a multimodal platform that provides riders, personalized and on-demand access to various transportation options. It provides Ridesharing Marketplace, which facilitates lead generation, billing and settlement, support, and related activities to enable drivers to provide their transportation services to riders. Lyft was founded in 2012, and has over 30 million riders and 2 million drivers. We are singularly focused on improving people's lives with the world's best transportation and committed to building reliable, affordable and sustainable transportation.
Uber Technologies, Inc. (NYSE: UBER) develops and supports proprietary technology applications that enable independent providers of ridesharing, and meal preparation and delivery services to transact with end-users worldwide. The company operates in two segments, Core Platform and Other Bets. Uber's mission is to create opportunity through movement. We started in 2010 to solve a simple problem: how do you get access to a ride at the touch of a button? More than 15 billion trips later, we're building products to get people closer to where they want to be. By changing how people, food, and things move through cities, Uber is a platform that opens up the world to new possibilities.
DISCLAIMER: FN Media Group LLC (FNM), which owns and operates FinancialNewsMedia.com and MarketNewsUpdates.com, is a third party publisher and news dissemination service provider, which disseminates electronic information through multiple online media channels. FNM is NOT affiliated in any manner with any company mentioned herein. FNM and its affiliated companies are a news dissemination solutions provider and are NOT a registered broker/dealer/analyst/adviser, holds no investment licenses and may NOT sell, offer to sell or offer to buy any security. FNM's market updates, news alerts and corporate profiles are NOT a solicitation or recommendation to buy, sell or hold securities. The material in this release is intended to be strictly informational and is NEVER to be construed or interpreted as research material. All readers are strongly urged to perform research and due diligence on their own and consult a licensed financial professional before considering any level of investing in stocks. All material included herein is republished content and details which were previously disseminated by the companies mentioned in this release. FNM is not liable for any investment decisions by its readers or subscribers. Investors are cautioned that they may lose all or a portion of their investment when investing in stocks. For current services performed FNM has been compensated twenty five hundred dollars for news coverage of the current press releases issued by YayYo, Inc. by a non-affiliated third party. FNM HOLDS NO SHARES OF ANY COMPANY NAMED IN THIS RELEASE.
This release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E the Securities Exchange Act of 1934, as amended and such forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. "Forward-looking statements" describe future expectations, plans, results, or strategies and are generally preceded by words such as "may", "future", "plan" or "planned", "will" or "should", "expected," "anticipates", "draft", "eventually" or "projected". You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements as a result of various factors, and other risks identified in a company's annual report on Form 10-K or 10-KSB and other filings made by such company with the Securities and Exchange Commission. You should consider these factors in evaluating the forward-looking statements included herein, and not place undue reliance on such statements. The forward-looking statements in this release are made as of the date hereof and FNM undertakes no obligation to update such statements.
email: [email protected]