LinkedIn reports that 10 million people have registered as freelancers on its Services Marketplace.
LinkedIn reports that 10 million people have registered as freelancers on its Services Marketplace.
Blog Article
Over 100,000 people have been laid off in the tech industry this year, and many of them, either by necessity or choice, are moving away from traditional full-time roles. In response to this shift, LinkedIn launched its freelancer marketplace in 2021. Now, as other freelancer platforms face challenges, LinkedIn has provided its first significant update on the marketplace’s progress.
According to the company, 10 million people have set up profiles on LinkedIn's Services Marketplace, a 48% increase in the past year. Service requests, while not actual business transactions, have also surged by 65% year-over-year, averaging eight per minute.
To put this in perspective, LinkedIn has over 1 billion users, so its freelancer marketplace currently represents about 1% of its total user base. However, LinkedIn hasn’t shared data on the number of completed services, pricing trends, or specific sales figures from the platform.
Comparing LinkedIn’s marketplace with competitors is difficult, as platforms like Fiverr and Upwork don’t disclose their freelancer counts, instead focusing on buyer numbers, which stand at 4 million for Fiverr and 868,000 for Upwork. Estimates for freelancers on these platforms range from hundreds of thousands to millions.
LinkedIn initially launched the Services Marketplace to tap into the evolving work landscape following the COVID-19 pandemic. At the time, platforms like Fiverr and Upwork were thriving as knowledge workers sought more flexible work options, and businesses leaned into on-demand models.
However, by 2024, freelancer marketplaces have been recalibrating. With declining demand, some platforms have raised their fees to maintain revenue, as more people return to full-time roles or move away from freelance work. This trend could shift again if AI-driven services gain more traction.
Despite modest gains, LinkedIn’s public announcement of its 10 million user milestone highlights its continued focus on freelancing. Although the company plans to explore formal pricing in the future, its current strategy is to drive engagement and boost its premium subscriptions.
Premium Business subscribers can promote their freelancer profiles (known as Service Pages), and LinkedIn reports that premium subscriptions have increased by 51% this fiscal year, generating $1.7 billion in revenue. While this represents a small portion of LinkedIn’s overall revenue, which exceeded $16 billion last fiscal year, it underscores the company’s growing interest in the freelancing space.