Micha Kaufman36:18
Okay. When you think about the two-sided marketplace, every marketplace is either supply constrained or demand constrained. And I'm not talking about what comes first. I'm just saying I'll give you examples to maybe illustrate this. Uber is supply constrained. Why? Because you need very high density of supply to be able to provide a high quality service. Why? Because people are impatient and even though when we hailed a taxi 20 years ago and the dispatcher said it's going to be 20 minutes, we said, 'Okay, that's fine.' Today, if Uber shows you 3 minutes, you're like, 'I'm not waiting. It's too long.' To be able to do that, you need high density of supply in a very close proximity. Okay? So, it's supply constrained. You need drivers.
Amazon is more demand constrained. Inventory is infinite. It's not unique to Amazon, even though they have their own brands. That's fine. But it's more about customers that they compete with Walmart and others. Airbnb, supply constrained. You need high density of many options in specific cities, specific neighborhoods, blah blah blah, whatever. You get the point. And Fiverr is demand constrained as well.
Supply came to us 100% organically to the point where, I don't want this to be misunderstood, but almost like we have too much supply. We don't need that much supply because we can't meet. So, we're being picky. Because quality is important. Because if you don't provide the quality match, the likelihood of satisfaction is low, retention drops, you get the point. So, it's really important to focus on that.
And so, building tools, building mechanisms to support supply is really important. And so, we develop tools for those who kind of screen themselves into being very serious about what they do. Okay? And so, they get this advantage if they're invested in their success. And it's not about just monetization, it's also about understanding who's serious and who's not.
And so, when you think about the business model, Fiverr, the business model of Fiverr is success-based. Like, we don't charge to play. And if we don't generate money for you, then we don't take a cut. So, nobody wins or everybody wins. Now, you might say, 'Oh, whatever your business model, too high, too low, it doesn't matter.' The point is, if you're a freelancer and you just started, you spend 100% of your time marketing yourself. It's not free. Okay? On Fiverr, you do no marketing. We do it for you. So, basically, we replace your sales and marketing.
So, you might say, 'Oh, great. So, if you take a cut out of my $200 transaction, it makes sense. But what happens if I get a $20,000 transaction? Why should you get the cut?' Did you try to win a $20,000 transaction as a freelancer? Good luck, dude. Like it's really, really hard. But we do it for you. So the idea is it's a partnership where no one wins or everybody wins. So as long as it makes sense, it makes sense. If it doesn't, then the model breaks.
So building these tools, creating, you know, giving hyper transparency, deep data, deep understanding of how to build. This is the reason why we have an endless amount of millionaires on the platform. These are people that are super invested in their success, started sometimes as individual freelancer and became mega agencies that are doing millions every year. It's amazing. It's a dream. Right?
Anyway, so that's kind of how we thought about the, you know, and the business model is not set in stone. Like if it needs to change, it will change. We're not married to any specific structure. But the idea is it needs to create wealth. And everybody in some sense needs to be incentivized to enjoy that wealth, both the platform and those who participate and use it.
I think about this more as an economy than a marketplace or a total marketplace. Because it is an economy. People make a living. We help them get discounted medical insurance. Why? Because it's an economy. Do they need an advance on their payment? Well, give it to them. So, we're also kind of providing them bank services. Can we work to grow their business and give them tools and access to talent and access to bigger customers? We should do it. It's an economy. It's more than just thinking small. It's thinking big. This is why, you know, I'm thinking in notions of community, movement, economy, and not like the utilitarian function of just having a listing page and a click button.