The Internet’s “number one resource for assembling things” isn’t doing too well
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AssembleBay — which markets itself with the Monty Pythonesque line “The Internet’s number one resource for assembling things” — reported just $60 worth of jobs completed via its marketplace in October.
That’s down from $90 in September and $230 in August.
AssembleBay is a kind of niche AirTasker which specialises in matching “people who supply assembly services” with people who need flat-pack furniture put together.
The handyman service told investors in its annual report that competition was stiff in the assembly marketplace. In recent months it has restricted its marketing spend to Google ads to reduce costs — but the results don’t seem to be coming.
AssembleBay booked no revenue in October, September, August, July — or at any time since former gas explorer Sirocco Energy acquired the site in 2015.
“The company advises that as at the end of October 2017 it had 2622 registered users on the platform comprising 1250 clients and 1372 workers, the site told investors today.
“During October 2017, 117 Clients and 43 Workers registered with quotes totalling $25,944 being posted.
“$60 worth of jobs were marked as completed on the platform during the month and no revenue was received by the company.”
At the end of October AssembleBay had $2.57 million left in the kitty, with estimated outflows for November totalling $30,000.
About $13,000 was spent on advertising and marketing, in line with an announcement earlier this year that they would focus on digital marketing to attract users instead of more expensive social media alternatives.
The shares have been suspended and were last trading at 1.9c.