Marketplaces Compared
16
Across e-commerce, fashion, mobility, food delivery, travel, freelance, resale, B2B, real estate and community commerce.
Highest Operating Margin
70%
Rightmove, FY2025 — subscription model, zero inventory, zero transaction risk. Investegate/Rightmove RNS
Steepest Collapse
$23B → $0
Farfetch's peak 2021 market cap wiped to zero in the January 2024 Coupang rescue. WWD
Fastest GMV Growth
+47%
Vinted, FY2025 — GMV grew to €10.8B while staying profitable. Vinted newsroom
Market Intelligence — Key Conclusions
What kind of marketplace works now, and why
What Works
- Zero inventory, recurring fees: Rightmove takes no transaction cut and posts a 70% operating margin on estate-agent subscriptions alone.
- Two-sided network effects compound: Vinted's GMV grew 47% to €10.8B in FY2025 and the business stayed profitable throughout.
- On-demand labor marketplaces reach scale economics eventually: Uber and DoorDash both posted their first full-year GAAP profit after more than a decade of losses, and are now compounding it — Uber's income from operations grew 99% in FY2025, DoorDash's net income grew 660%.
- Resale beats ownership: The RealReal posted its first-ever positive Adjusted EBITDA in 2024 while carrying zero unsold-inventory risk.
- High take rates survive on services, not just goods: Fiverr charges a 27.7% marketplace take rate and stayed GAAP-profitable in FY2025.
What Fails
- Buying and holding stock carries a retailer's capital risk without a retailer's margin: Farfetch's $23B peak market cap was wiped to zero; YNAP lost €1.46B in a single year before being handed to Mytheresa.
- Lead-generation marketplaces erode as channels shift: Angi's revenue fell for a third straight year in FY2025 (−13%), even as cost cuts kept it profitable.
- Growth-at-all-cost private marketplaces lose value fast without a profit path: Faire's employee-tender valuation fell 59%, from $12.6B in 2022 to $5.2B in November 2025.
- Cross-border delivery logistics stay loss-making longest: Just Eat Takeaway posted a €1.65B net loss in its final year as a public company before Prosus took it private in November 2025.
- Profitability does not guarantee volume: Etsy stayed profitable in FY2025, but its Gross Merchandise Sales fell 5.3% — a strong take rate cannot fix declining demand on its own.
01
Company Data — FY2024/2025
16 marketplaces, 10+ industries, one table
Every figure below is the company's own most recently reported result — verified against the primary investor-relations release or filing. Where a company does not disclose GMV, take rate or segment profit, that is stated explicitly rather than estimated. Founded is the year the company (or its predecessor entity) started operating. First Disclosed Revenue is the earliest year a verifiable public revenue figure exists — almost never the founding year itself, since most companies don't publish financials before an IPO or funding round requires it. Click any company name to visit its site.
| Marketplace | Founded | First Disclosed Revenue | Industry | Latest Period | Growth | Profitability | Status |
|---|---|---|---|---|---|---|---|
| Amazon Marketplace | 2000 | 2019: $53.8B | E-commerce (3rd-party) | Q1 2026 | 3P seller services revenue $41.6B, +14% YoY | Not disclosed at segment level. No 3P GMV or take rate published. | Not Disclosed |
| Etsy | 2005 | 2012: $74.6M | E-commerce (C2C craft) | FY2025 | GMS −5.3%, revenue +2.7% | Profitable — 5.7% net margin, 24.2% take rate | Profitable, Shrinking GMS |
| Zalando | 2008 | 2013: €1.76B | Fashion (hybrid retail + marketplace) | FY2024 | GMV +4.5%, revenue +4.2% | Profitable — Adj. EBIT margin 4.8%, net margin 2.4% | Profitable |
| bol.com | 1999 | 2019: €2.8B (trade volume) | E-commerce (NL/BE marketplace) | FY2024 | Net revenue +8.7%, sales incl. 3rd-party +~4% | EBITDA €185M (+22%, ~6.0% margin). Net income not disclosed — part of Ahold Delhaize. | Partial Disclosure |
| Farfetch | 2007 | 2015: $142.3M | Fashion (asset-light marketplace) | FY2024 | Revenue $1.7B | Loss narrowed to $34M (−2.0% margin); profitable in Q4 2024 alone | Restructured (Coupang) |
| Mytheresa / LuxExperience | 2006 | FY2022: €689.8M | Fashion (inventory-led) | FY2025 | GMV €988.5M, net sales +8.9%, Adj. EBITDA +73% | Profitable | Profitable |
| The RealReal | 2011 | 2017: $137.5M | Fashion resale (consignment) | FY2024 | GMV +6%, revenue +9% | First-ever positive full-year Adj. EBITDA, $9M | Profitable |
| Vestiaire Collective | 2009 | 2023: €157M | Fashion resale (peer-to-peer) | 2023/24 est. | GMV €824M (est.) | Revenue private — Kering-backed since 2021 | Private |
| Uber | 2009 | 2016: $3.85B | Mobility (ride-hailing) | FY2025 | Gross bookings +19%, revenue +18% | Net income $10.05B (19.3% margin, includes a $5.0B one-off tax benefit). Income from operations $5.57B (10.7% margin, +99% YoY). First GAAP profit: FY2023. | Profitable |
| DoorDash | 2013 | 2018: $291M | Food delivery | FY2025 | Marketplace GOV +27%, revenue +27.9% | Net income $935M (6.8% margin, +660% YoY). First GAAP profit: FY2024. | Profitable |
| Just Eat Takeaway | 2000 | 2016: €111.6M | Food delivery (Europe) | FY2024 (last public year) | GTV −2%, revenue −1% | Net loss €1.65B. Taken private by Prosus, delisted November 2025. | Loss-Making, Delisted |
| Airbnb | 2008 | 2018: $3.65B | Travel (short-term rental) | FY2024 | Revenue +12%, ~$82B gross booking value | Net income $2.65B (23.9% margin), Adj. EBITDA margin 36% | Profitable |
| Fiverr | 2010 | 2017: $52.1M | Freelance / gig services | FY2025 | Revenue +10.1% | Net income $21.0M (4.9% margin), 27.7% take rate, Adj. EBITDA margin 21.3% | Profitable |
| Vinted | 2008 | 2020: €184M | Resale (C2C fashion) | FY2025 | GMV +47% to €10.8B, revenue +38% | Net profit €62M (5.6% margin, down from 9.4% in FY2024) — margin fell on reinvestment | Profitable, Margin Falling |
| ThredUp | 2009 | 2019: $163.8M | Resale (C2C fashion, US) | FY2025 | Revenue +20% | Net loss, −6.5% margin. Exited Europe (sold Remix) in February 2025. | Loss-Making |
| Faire (private) | 2017 | Not disclosed | B2B wholesale | 2025 | GMV ~$3B, revenue growth >40% (Q3 2025) | Not disclosed. Employee-tender valuation fell 59%, from $12.6B (2022) to $5.2B (Nov 2025). | Valuation Cut |
| Rightmove | 2000 | 2006: £33.6M | Real estate listings (subscription) | FY2025 | Revenue +9% | Underlying operating margin 70%, net margin ~51% | Profitable |
| Angi | 1995 | 2017: $736.4M | Home services (lead-gen marketplace) | FY2025 | Revenue −13% — third straight annual decline | Net income $43.8M (4.3% margin) — profitable but shrinking | Profitable, Shrinking |
| Skool (private) | 2019 | Not disclosed | Community & creator commerce | 2026 | Not disclosed | Not disclosed. No company-confirmed revenue, funding or valuation figure exists — third-party estimates found in research were explicitly unverifiable and are not published here. | Private, Undisclosed |
Sources: Amazon Q1 2026 earnings release · Etsy FY2025 results · Zalando FY2024 key figures · bol.com FY2024 (Emerce) · Farfetch (WWD) · LuxExperience/Mytheresa IR · The RealReal FY2024 · Uber FY2025 results · DoorDash FY2025/FY2024 results · Just Eat Takeaway FY2024 · Airbnb FY2024 shareholder letter · Fiverr results · Vinted FY2025 results · ThredUp FY2025 results · Faire November 2025 announcement · Rightmove FY2025 annual results · Angi Inc financials · Skool pricing page
02
Visual Comparison
Net profit margin, side by side
Net margin (net income ÷ revenue) is the one profitability metric disclosed consistently enough across industries to compare directly. Twelve of the fifteen marketplaces disclose it; the other three (Amazon Marketplace, bol.com, Faire, Vestiaire Collective) do not, for reasons stated in the table above.
Net Margin by Company
Most recently reported fiscal year. *Uber's FY2025 net margin includes a $5.0B one-off tax benefit — income-from-operations margin is 10.7%.
Profitable
51%
Rightmove
24%
Airbnb
19%*
Uber
7%
DoorDash
6%
Etsy
6%
Vinted
5%
Fiverr
4%
Angi
2%
Zalando
Loss-Making
−2%
Farfetch
−7%
ThredUp
−32%
Just Eat Takeaway
Source: net margins calculated from each company's own disclosed net income and revenue in the filings and press releases linked in Section 01 above.
03
Fashion & Luxury Marketplaces
The most crowded category — and the most polarised outcomes
Fashion has more competing marketplace models than any other category on this page: hybrid retail-plus-marketplace (Zalando, bol.com), asset-light multi-brand (Farfetch), inventory-led curation (Mytheresa), and resale (The RealReal, Vestiaire Collective). Full platform-by-platform detail, including the five luxury-platform failures of 2023–2026, is in TrendsOnFire's dedicated luxury marketplaces report.
Farfetch — Restructured Under Coupang
Mytheresa — Profitable, GMV €988.5M
The RealReal — First Positive EBITDA
Images: aboutfarfetch.com · WWD (Mytheresa) · The RealReal
Germany — Hybrid Retail + Marketplace
Zalando
GMV €15.3B (+4.5%), revenue €10.6B (+4.2%), net income €251.1M (up ~203% YoY). Adjusted EBIT margin 4.8%. Partner Program (third-party marketplace sellers) makes up a rising share of GMV, though Zalando has not disclosed a directly comparable primary-source percentage for FY2024.
Netherlands / Belgium — Marketplace
bol.com
Net revenue €3.1B (+8.7%), net online consumer sales including third-party sales €5.9B, EBITDA €185M (+22%). Third-party sellers were just under half of trading volume at end-2024, down from 66% in Q2 2023. Owned by Ahold Delhaize; net income not separately disclosed.
London (now Seoul) — Asset-Light Marketplace
Farfetch
Revenue $1.7B (2024), loss narrowed to $34M, profitable in Q4 2024 alone. Rescued by Coupang for $500M in senior secured financing (January 2024) after accumulating ~$2.8B in obligations; equity and convertible-note holders received nothing.
Sources: Zalando FY2024 key figures · bol.com FY2024 (Emerce) · bol.com third-party seller share (Ecommerce News) · Farfetch under Coupang (WWD)
04
Structural Failures
What collapsed, and the pattern behind it
Farfetch — Peak Market Cap $23B (2021)
Near-bankruptcy December 2023. Equity wiped to zero.
Farfetch accumulated approximately $2.8B in financial obligations by late 2023, cancelled its earnings announcement, and disclosed it could not service near-term debt. Coupang acquired the company in a deal closing 31 January 2024, injecting $500M in senior secured financing. Equity and convertible-note holders received nothing.
Just Eat Takeaway.com — €1.65B Net Loss, FY2024
Taken private by Prosus, delisted November 2025
Prosus announced an all-cash offer of €20.30/share (~€4.1B deal value, a 49% premium) in February 2025. Prosus ended up holding 98.19% of shares; Just Eat Takeaway's last trading day on Euronext Amsterdam was 14 November 2025.
Faire — Valuation Cut 59%
$12.6B (2022) to $5.2B (November 2025)
The B2B wholesale marketplace's November 2025 employee tender offer valued the company at $5.2B, down from the $12.6B set in its May 2022 funding round. The company has raised $1.7B in total funding and cut staff twice (7% in October 2022, 20% in November 2023).
Angi — Revenue Down 3 Straight Years
$1.4B (2023) → $1.19B (2024) → $1.03B (2025)
The home-services lead-generation marketplace has cut costs enough to stay net-income-positive ($43.8M, FY2025), but top-line revenue has fallen every year since 2023 as its channel mix shifted following a January 2025 "homeowner choice" model change.
Sources: Farfetch (WWD) · Just Eat Takeaway / Prosus offer (JET newsroom) · Faire November 2025 announcement · Faire layoffs (TechCrunch) · Angi Inc financials (StockTitan)
05
Revenue Since Launch
Every marketplace's own trajectory, year by year
All 19 companies from the table above, no exceptions — the exact figure for every disclosed year, plus its latest profitability, from each company's earliest publicly available year through its most recent fiscal year. Each bar is scaled to that company's own highest year, so the chart shows shape and multiple — not cross-company size. Where a company disappeared as an independent business — Farfetch's equity wiped out and taken private, Just Eat Takeaway delisted — the chart ends at its last disclosed fiscal year and the status badge says so. Where public disclosure is thin or nonexistent (Vestiaire Collective, Faire, bol.com, Skool), that is shown honestly rather than hidden.
Amazon Marketplace (3P) Founded 2000
Active — Segment Not Disclosed
2019
$53.8B
2020
$80.5B
2021
$103.4B
2022
$117.7B
2023
$140.1B
2024
$156.1B
Latest profitability: Not disclosed at segment level.
Etsy Founded 2005
Active — Profitable
2015
$274M
2016
$365M
2017
$441M
2018
$604M
2019
$818M
2020
$1.73B
2021
$2.33B
2022
$2.57B
2023
$2.75B
2024
$2.81B
2025
$2.88B
Latest profitability: FY2025: 5.7% net margin.
Uber Founded 2009
Active — Profitable
2016
$3.85B
2017
$7.93B
2018
$10.4B
2019
$13.0B
2020
$11.1B
2021
$17.5B
2022
$31.9B
2023
$37.3B
2024
$44.0B
2025
$52.0B
Latest profitability: FY2025: 19.3% net margin (10.7% income-from-operations margin, excluding a one-off tax benefit).
2018-2019 figures restated in later filings.
DoorDash Founded 2013
Active — Profitable
2018
$291M
2019
$885M
2020
$2.89B
2021
$4.89B
2022
$6.58B
2023
$8.63B
2024
$10.7B
2025
$13.7B
Latest profitability: FY2025: 6.8% net margin.
Just Eat Takeaway Founded 2000
Delisted — Taken Private Nov 2025
2016
€112M
2017
€166M
2018
€232M
2019
€416M
2020
€2.40B
2021
€5.30B
2022
€5.60B
2023
€5.15B
2024
€5.08B
Latest profitability: FY2024 (last public year): −32.4% net margin.
2020-2021 spikes reflect the Just Eat and Grubhub mergers, not organic growth alone. Delisted by Prosus in November 2025 — chart ends at its last year as a public company.
Airbnb Founded 2008
Active — Profitable
2018
$3.65B
2019
$4.80B
2020
$3.38B
2021
$5.99B
2022
$8.40B
2023
$9.92B
2024
$11.1B
2025
$12.2B
Latest profitability: FY2024: 23.9% net margin.
Fiverr Founded 2010
Active — Profitable
2017
$52M
2018
$76M
2019
$107M
2020
$190M
2021
$298M
2022
$337M
2023
$361M
2024
$392M
2025
$431M
Latest profitability: FY2025: 4.9% net margin.
Vinted Founded 2008
Active — Profitable, Margin Falling
2020
€184M
2021
€245M
2022
€370M
2023
€596M
2024
€813M
2025
€1.10B
Latest profitability: FY2025: 5.6% net margin (down from 9.4% in FY2024).
2020-2021 figures sourced via secondary press, not Vinted's own newsroom.
Rightmove Founded 2000
Active — Profitable
2006
£34M
2007
£57M
2008
£74M
2009
£64M
2010
£82M
2011
£97M
2012
£119M
2013
£140M
2014
£167M
2015
£192M
2016
£220M
2017
£243M
2018
£268M
2019
£289M
2020
£206M
2021
£307M
2022
£333M
2023
£364M
2024
£390M
2025
£425M
Latest profitability: FY2025: ~51% net margin (70% underlying operating margin).
Zalando Founded 2008
Active — Profitable
2013
€1.76B
2014
€2.21B
2015
€2.96B
2016
€3.64B
2017
€4.49B
2018
€5.39B
2019
€6.48B
2020
€7.98B
2021
€10.3B
2022
€10.3B
2023
€10.1B
2024
€10.6B
2025
€12.3B
Latest profitability: FY2024: 2.4% net margin.
Farfetch Founded 2007
Restructured — Equity Wiped, Taken Private Jan 2024
2015
$142M
2016
$242M
2017
$386M
2018
$602M
2019
$1.02B
2020
$1.67B
2021
$2.26B
2022
$2.32B
Latest profitability: FY2024: −2.0% net margin (loss narrowed to $34M); profitable in Q4 2024 alone.
Stopped publishing standalone results after Coupang's January 2024 acquisition — chart ends at its last disclosed fiscal year.
ThredUp Founded 2009
Active — Loss-Making
2019
$164M
2020
$186M
2021
$252M
2022
$288M
2023
$258M
2024
$260M
2025
$311M
Latest profitability: FY2025: −6.5% net margin.
2023 restated to continuing operations after a 2024 divestiture (sold its European business, Remix).
Angi Founded 1995
Active — Profitable, Revenue Shrinking
2017
$736M
2018
$1.13B
2019
$1.33B
2020
$1.47B
2021
$1.62B
2022
$1.76B
2023
$1.36B
2024
$1.19B
2025
$1.03B
Latest profitability: FY2025: 4.3% net margin.
Post-2017 merger figures (Angie's List + HomeAdvisor); founded 1995 as Angie's List. Peaked 2022, then declined 3 straight years.
Mytheresa / LuxExperience Founded 2006
Active — Profitable (Now LuxExperience)
2022
€690M
2023
€769M
2024
€841M
2025
€916M
Latest profitability: FY2025: Profitable — exact net margin not separately disclosed; Adj. EBITDA +73% YoY.
Net sales; public disclosure only starts at FY2022. Merged with YOOX Net-a-Porter to form LuxExperience, April 2025.
The RealReal Founded 2011
Active — Not Yet Net-Income Profitable
2017
$138M
2018
$214M
2019
$316M
2020
$300M
2021
$468M
2022
$604M
2023
$549M
2024
$600M
2025
$693M
Latest profitability: FY2024: first-ever positive Adj. EBITDA (~1.5% margin, $9M); net loss otherwise.
bol.com Founded 1999
Active — Part of Ahold Delhaize, Partial Disclosure
2019
€2.80B
2020
€4.30B
2021
€5.50B
2022
€5.50B
2023
€5.80B
Latest profitability: FY2024: ~6.0% EBITDA margin; net income not disclosed.
Figures are trade volume including third-party marketplace sales, not bol's own revenue (2020-2021 sourced via a secondary compilation, lower confidence). From FY2023, Ahold Delhaize separately discloses bol's own net revenue: €2.9B (2023), €3.1B (2024) — not comparable to the series above.
Vestiaire Collective Founded 2009
Active — Private, Sparse Disclosure
2023
€157M
2024
€200M
Latest profitability: Not disclosed (private).
Only two years of revenue disclosure exist in public records. GMV is separately estimated at ~€824M (2023/24, investor materials) — not the same metric as the revenue shown here.
Faire Founded 2017
Active — Private, GMV Only
2021
$1.00B
2025
$3.00B
Latest profitability: Not disclosed (private).
GMV only — Faire has never disclosed audited revenue. Third-party revenue estimates exist for 2022-2023 but are not company-confirmed and are excluded.
Skool Founded 2019
Active — Private, No Financial Disclosure
No revenue figure has ever been publicly disclosed.
Latest profitability: Not disclosed.
No revenue, GMV or funding figure has been publicly confirmed by the company since founding.
Sources: revenue history compiled from each company's own SEC filings, IPO prospectuses, investor-relations releases and newsroom pages (full links in Sections 01, 03 and 04 above), cross-checked against stockanalysis.com where a company's own historical release was not directly reachable. bol.com trade-volume figures via Ecommerce News and a secondary compilation; Vestiaire Collective revenue via The Robin Report and FashionUnited; Faire GMV via its own November 2025 announcement. Figures marked with a note above are lower-confidence or reflect a structural break (merger, restatement, divestiture, delisting) rather than organic growth alone.
06
Emerging Categories
Community commerce and the first AI agent marketplaces
Two categories are too new for the growth-and-profitability treatment above — one because its main player stays private and undisclosed, the other because almost nothing has been financially disclosed by anyone yet. Both are included on their own terms.
Community & Creator Commerce
Is Skool a marketplace?
Skool (founded 2019 by Sam Ovens and Daniel Kang) lets creators run paid communities — courses, discussion, gamified leaderboards — and charge members a subscription. Its own pricing page shows a hybrid structure, not a pure marketplace and not a pure SaaS tool:
Hobby Tier
$9/mo + 10%
Flat fee plus a 10% cut of what the creator charges members
Pro Tier
$99/mo + 2.9%
Higher flat fee, lower transaction cut — close to payment-processing cost
A genuine two-sided marketplace (Etsy, Upwork) typically takes a commission only, with no flat fee required just to participate. A pure SaaS tool typically charges a flat fee only. Skool charges both — a mandatory subscription and a real revenue cut on the Hobby tier well above payment-processing cost. That makes it a hybrid: closer to a marketplace than a plain course-hosting tool, but not the same mechanism as Etsy or Upwork. No verified revenue, funding or valuation figure exists for Skool in any source that could be independently confirmed — estimates circulating online (including a specific ARR figure from one data-estimate site) carry an explicit disclaimer that they are not company-confirmed, so none appear on this page.
Sources: Skool pricing page · Skool about page
Just Launching, 2024–2026
AI agent marketplaces
Every major platform below is real and operating, but none has disclosed marketplace-level revenue, GMV or a take rate that can be verified — this table is deliberately qualitative rather than forcing numbers that don't exist onto a chart.
| Platform | Launched | Monetization | Disclosed Scale |
|---|---|---|---|
| OpenAI GPT Store | January 2024 | US builder revenue program announced Q1 2024; exact formula and payout thresholds not disclosed | 3M+ custom GPTs created at launch (not all published publicly) |
| Salesforce AgentExchange | March 2025 | Not disclosed in detail; Salesforce states it will create "new revenue streams" for partners | 200+ launch partners (Google Cloud, DocuSign, Box, Workday, SAP, Oracle) |
| Microsoft 365 Copilot Agent Store | May 2025 | Not disclosed | 70+ agents at launch |
| AWS Marketplace — AI Agents & Tools | July 2025 | Standard AWS Marketplace fee schedule applies (~3% SaaS listings, 20% AMI/container listings) — not an agent-specific rate | Not disclosed |
| Poe (Quora) | Bot monetization Oct 2023; per-message pricing Apr 2024 | Subscription revenue-share pool (up to $20/subscriber) plus creator-set per-message pricing | Not disclosed. US creators only at launch. |
| Fetch.ai Agentverse | Operating (launch date not stated on official page) | Described as enabling "monetization across the agentic web" — mechanism not specified | 2.7M agents (self-reported, not independently audited) |
| CrewAI Marketplace | Enterprise-tier feature, current | Revenue-share for template creators reported as planned/early access; not confirmed live in official docs | Not disclosed |