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Update: Gig Economy Outlook
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The outlook for the gig economy and its impact on people from all walks of life remains positive. Yet, the road ahead is not without its bumps.
All subsets of the gig economy will continue to experience new challenges. At the same time, more and more people will find something they like doing that allows them to leverage underutilized time and assets into an opportunity to earn income.
Some of the most significant challenges that gig-providing companies face revolve around the definition of a gig worker. Are they independent contractors, or should they be classified as employees?
Public policymakers, and even some academics, continue to struggle with the question. For those who support micro-entrepreneurship, the answer is clear: Gig workers are not employees.
Why? Gig work is a form of micro-entrepreneurship.
Gig workers don't choose gigs because they want another job. They are motivated to engage in gig work because it offers flexibility and freedom to work when and how they desire.
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Good news at Uber, good news for the gig economy
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We view Uber as a benchmark of the health of the gig economy, and its recent second-quarter financial release was quite exciting
The highlights include:
- Gross bookings grew 114% year-over-year to $21.9 billion, or 104% on a constant currency basis. That included an increase in bookings for both mobility and delivery services.
- Revenue grew 35% quarter-over-quarter and 105% year-over-year.
- Net income attributable to Uber Technologies, Inc. was $1.1 billion, including $272 million in stock-based compensation expense. Net income benefited from unrealized gains of $1.4 billion and $471 million due to the revaluation of the company's equity investments in Didi and Aurora, respectively.
While Uber is just one of the many forms of gig work, its success has helped fuel interest in the gig economy. Uber disrupted an entire industry with a new model focused on utilizing intermediaries who leveraged their own assets — their vehicles — into a transportation gig-earning opportunity.
Uber's second-quarter results represent the continued and growing appeal of the gig economy and its many subsets. We expect other micro-enterprise opportunities to continue to grow as well, offering more and more choices to the micro-entrepreneurial mindset.
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What's new at Ultimate Gig Resources
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We have enjoyed many great conversations with readers since the March release of our first book, Ultimate Gig. Readers tell us it is a book that stimulates their thinking, giving them new ideas and insights.
Author John T. Fleming recently recorded several video messages to continue the conversation. You'll find them on our website, www.ultimategigresources.com.
There, you'll also find Ultimate Gig Resources, a package of digital tools created during the book's development. These tools might change the game for those who subscribe. They include:
- Welcome to the Gig Economy, a 50+ page magazine that offers an informative and motivational place to start your gig economy journey
- Ultimate Gig Planning Guide, a 45+ page guide that supports independent contractors and microentrepreneurs seeking to maximize the results they experience from their work
- Ultimate Gig Observer, our exclusive monthly newsletter
- Exclusive Insights from the author, editor, researchers and contributors to the Ultimate Gig book
- Understanding the Gig Economy, an engaging slide presentation that defines and explains the gig economy
- Take Note, up-to-date articles and papers from the Ultimate Gig team
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What Readers Are Saying
“I thought I knew a great deal about the Gig Economy – until I read your book. There were so many gig companies mentioned in Chapters 1 and 12 with which I was unfamiliar…"
Ultimate Gig: Flexibility, Freedom, Rewards by John T. Fleming and edited by Lauren Lawley Head is now available for order on Amazon or via the Emerald Publishing website.
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P.S. We'd love for you to share this message! Joining our mailing list is FREE: www.ultimategigresources.com
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