Online platform economies (OPEs) are influencing the labour market significantly, providing flexible work options for many. In the US, 1.6% of adults earned income via OPEs in a typical month in 2018, up from 0.3% in 2013. The growth, however, has been uneven, with the labour platform participation rate growing faster than the capital platform rate.
Labour platforms, such as Uber or TaskRabbit, involve performing tasks or services, while capital platforms, like Airbnb or eBay, involve selling goods or renting property. In 2018, 0.9% of adults earned income via labour platforms and 0.6% via capital platforms.
OPEs have also seen a shift in participant demographics. More women, individuals with a high school education or less, and those over 55 years are now participating.
Interestingly, income from OPEs is often supplemental rather than primary. On average, participants earned 20% of their annual income from OPEs.
Finally, OPEs are not evenly spread across the US. They are most prevalent in the West and least prevalent in the Midwest.
In summary, OPEs are growing, changing the labour market and providing flexible work options. However, their growth is uneven, and they are often used for supplemental income.
Go to source article: https://www.jpmorganchase.com/corporate/institute/report-ope-2018.htm