99designs Announces Company Has Turned the Corner to Profitability for 2017 and Has Reached Milestone Payout of $200M to Designers Around the World
Business from agencies is key driver of growth for world's largest online marketplace
OAKLAND, Calif. and MELBOURNE, Australia, Oct. 24, 2017 /PRNewswire/ -- 99designs, the world's largest online graphic design marketplace, announced it has turned the corner to profitability, reporting two consecutive quarters of profits in the past year and an expectation of profitability for 2017. At the same time, the online graphic design marketplace, which launched in 2008, announced it has paid out more than $200 million to freelance designers on its platform since it was created nine years ago. Designer payouts on the site are now averaging $3.5 million/month.
"Over the past couple of years, we've made a strong and conscious decision to be laser-focused on maximizing our core business, building a platform that facilitates the highest quality work by talented designers around the world for businesses large and small," said Patrick Llewellyn, President and CEO, 99designs. "The fact that we were able to reach and attain self-sustaining growth, generate revenue and opportunities for people around the world and turn a profit is a proud achievement for this company."
Over the past two years, business from digital and marketing agencies has begun to account for a small but growing proportion of sales, according to Llewellyn: "While entrepreneurs and small businesses continue to constitute the core of our business at 99designs, sales from the agency sector in particular is actually growing about sixty percent faster than any other type of customer."
About 99designs
99designs (www.99designs.com) is the world's largest on-demand design marketplace, connecting a global community of freelance designers with businesses of all sizes to complete their design needs. Created by designers for designers, 99designs began with a group of designers who were competing together to create the best designs. In 2008, that friendly competition grew into a unique design marketplace that has now become the world leader in online graphic design. 99designs is changing the lives of designers around the world by providing them with an opportunity to access customers globally, to earn income, and to build their portfolios. 99designs has operations in the USA, Australia and Germany.
Media contact:
Aimee Grove
Smitten Communications for 99designs
415.706.1906
[email protected]
SOURCE 99designs
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