Online services and smartphone applications create new ways for people to connect and share goods and services over the Internet, empowering users with more convenient choices and income opportunities. Sharing apps and websites act like “virtual matchmakers” by facilitating relationships that otherwise might be too costly or burdensome to arrange. The “sharing economy” has not only created completely new marketplaces for goods and services, but has invented radically new ways to deliver traditional goods and services.
Companies like Hailo or Uber, for example, allow users to hail cabs or private cars with their smartphones, while companies like Airbnb allow people to arrange travel accommodations by interfacing with others online. With 225,000 total users in New York City alone, Airbnb generates over $600 million in economic activity per year in New York City. Recent financing transactions have valued Airbnb and Uber at approximately $10 billion and $18 billion, respectively. Demonstrating the surge of economic energy and ingenuity in this area, similar sharing apps have been developed for catering (Catercow), home improvement (HouseFix), and even dog walking (Swifto), to name just a few.
This content has been archived. It is available through our partners, LexisNexis® and Bloomberg Law.
To view this content, please continue to their sites.
Not a Lexis Subscriber?
Subscribe Now
Not a Bloomberg Law Subscriber?
Subscribe Now
LexisNexis® and Bloomberg Law are third party online distributors of the broad collection of current and archived versions of ALM's legal news publications. LexisNexis® and Bloomberg Law customers are able to access and use ALM's content, including content from the National Law Journal, The American Lawyer, Legaltech News, The New York Law Journal, and Corporate Counsel, as well as other sources of legal information.
For questions call 1-877-256-2472 or contact us at [email protected]