SEOUL, KOREA / ACCESSWIRE / August 24, 2020 / The COVID-19 pandemic has hit the economy hard, causing massive layoffs and business closures - forcing companies to make drastic cuts in hiring and spending. Meanwhile, one particular labor market is growing in the midst of this economic crisis. In fact, CNBC reports that, from April to June in 2020, freelance jobs increased by an astonishing 25% when compared to the previous period.
This growth in the freelancer economy is illustrated by companies that rely on the gig economy. Fiverr, the freelancer matching platform listed in NYSE, announced that its Q2 2020 revenue grew by 82% over revenue in Q2 2019, and the share price has increased by more than 500%. The flexible new type of employment allows workers to choose their own working hours and schedules based on their needs.
The labor market in Korea is in a similar situation. it has been becoming more flexible than ever since 2017, which was even before the COVID-19 pandemic. The number of short-term workers is growing fast, and the percentage of people willing to have a second-job is 1.5 times higher than that of 2016.
The leading freelance platform 'kmong' (CEO Park Hyun-ho) has delivered outstanding results in the pandemic based on its unique business model to help freelancers productize their intangible services with the specific prices and tasks. According to kmong, the number of new service registrations has more than doubled compared to last year, with 98% of registrations coming from the business sector. The number of active buyers and transactions hit record high as well. The platform connects talented and experienced freelancers with clients in over 300 categories of services, including IT/programming, design, content production, marketing, and business consulting.
In July 2019, the company launched "New kmong" to solidify its position as a B2B service platform. It also launched the 'Prime service' which verified and exceptional experts provide high-quality services, 'Customized quotation' which experts suggest quotations for projects given and 'Enterprise service' which specializes in B2B transactions involving large companies and government offices. 'New kmong' has been successful. Most of all, kmong expands its customer base to large corporations with high AOV (average order value), such as SK, Kakao, KDB and large start-ups. According to enterprise customers who used 'Enterprise service', with the managers in charge from the platform, it is much easier to communicate. Also, the time for screening and selecting companies to work with can be shortened.
Kim Tae-hun, the CSO of kmong, said "kmong provides the highest quality of service for corporate customers looking for B2B freelance services." And "We will continue to grow as the No.1 platform leading the gig economy by resolving difficulties which potential buyers and freelancers might have," he added.