The online handmade goods marketplace, Etsy, is at a crossroads. After booming during the pandemic, the company’s gross merchandise sales have been flat in 2022 and 2023. Etsy’s stock is down more than 70% from its all-time high in 2021, and its first-quarter 2024 earnings report revealed another disappointing earnings miss. Some of its sellers say the company’s laser-sharp focus on growth has pushed Etsy away from its core mission — to keep commerce human — and instead allows for an increasing number of drop shippers to join the platform.
Chapters:
0:00 Intro
1:46 Chapter 1. A revolutionary idea
5:39 Chapter 2. At a crossroads
9:30 Chapter 3. The future
Correction (May 21, 2024): At 4.27 we misstated that Josh Silverman laid off 22% of the staff. The correct number is 15%. The other 8% coincided with his appointment.