The world’s largest taxi firm, Uber, owns no cars. The world’s most popular media company, Facebook, creates no content. The world’s most valuable retailer, Alibaba, carries no stock. And the world’s largest accommodation provider, Airbnb, owns no property. Something interesting is happening according to Tom Goodwin, an executive at the French media group Havas.
Some of these, as you may be aware, are sharing economy platforms. Not sure what that is? Sharing economy is the economic activity that involves individuals buying or selling usually temporary access to goods or services especially as arranged through an online company or organisation. Even if you may not have been familiar with this term, i’m sure you have been exposed to brands using this platform at some point or another.
Since it’s relatively recent emergence, business is already BOOMING.
According to PWC Analysis, since 2013 to 2015 revenues and value of transactions have almost double on year on year.
What is astonising is the fact that that n just over 10 years, PWC predicts that the value of the sharing economy will increase by to $335 billion. That’s some serious coin!
However there may be some things to consider. Have a look at the video below (start at the 1:00 mark if you want to just get to the point).
You can’t argue with the facts that the Sharing Economy is here to stay. But there are legitimate concerns with the sharing economy surrounding consumer safety, insurance liability, and government regulations.
So my question to you guys is: Should these companies be more accountable in addressing these matters or is it up to governments and regulatory bodies to govern these issues more closely and ensure that they are being adhered to?