New York startup Etsy has succeeded in turning a community of arts-and-crafts sellers into a growing business, according to a recent profile in The New York Times.
Etsy has been around since 2005, but the article highlights how the company has become an increasingly important online marketplace, not just a fun place to shop. The site will process nearly $400 million in transactions this year, and now has 7 million registered users &8212' both numbers are about double what Etsy saw in 2009.
The people who sell handmade and rare goods on the site arena4‚¬a4„t the only ones making money. Etsy says it has been profitable for a year and projects that it will bring in around $30 to $50 million in revenue in 2009.
Of course, Etsy is still dwarfed by e-commerce giant eBay, which made more than $2 billion in revenue in its most recent quarter and which is projected to process nearly $15 billion in sales this year.
[image via YouTube/Etsy]
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Companies: Etsy
Companies: Etsy
Anthony is a senior editor at VentureBeat, as well as its reporter on media, advertising, and social networks. Before joining the site in 2008, Anthony worked at the Hollister Free Lance, where he won awards from the California Newspaper Publishers Association for breaking news coverage and writing. He attended Stanford University and now lives in San Francisco. Reach him at anthony@venturebeat.com. (All story pitches should also be sent to tips@venturebeat.com) You can also follow Anthony on Twitter.
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