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🧠 Big Story:
Economics Behind Music “Marketplaces” in ‘24 🎵

📊 Key Data:
Marketplace Funding Winter❄️

📖 Ecommerce players news:

🇺🇸 $AMZN ( ▼ 0.39% ) Tests AI to Boost Product Listings.
🇲🇽 MercadoLibre Pumps $3.4B into Mexico.
🇺🇸 Shein boosts site with curated fashion stores.
🇸🇦 Aya grabs $1.6M for Saudi fashion growth.
🇹🇼 $UBER ( ▲ 1.34% ) er Drops Foodpanda Taiwan Deal Over Rules.
🇭🇰 Deliveroo Quits Hong Kong After 9 Years.

+ over 15 handpicked hot news from the last week you need to know 🔥

We hit pause on our usual e-commerce beat to riff on something different: music streaming. Not your typical marketplace gig, but the data was too good to skip. Let me know if these occasional detours strike the right chord.

Lately, the grind at my core gig had me feeling the heat. But thanks to some kind words from a few of you, I'm fired up again! 🔥

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The music industry isn’t what it used to be — it’s a game of platforms, pennies, and patience. According to Duetti's latest report, 2024 offers a sobering reality: streaming payouts are stabilizing, but the deck is still stacked against artists.

After years of decline, musicians can finally exhale — earnings per 1K streams have leveled off at $3.41 in 2024, down just 2% from $3.50 in 2023. While still below the $4 peak in 2021, this stabilization signals the industry may have hit its floor. Expanded data coverage across platforms like Spotify, Apple Music, and YouTube has sharpened this view. For artists, it's not a jackpot, but at least the bleeding has stopped.

YouTube Music quietly stepped up its game, raising dollars earned by Artists from $4.3 to $4.8 per 1K streams in 2024 — matching its 2021 peak. Meanwhile, Amazon Music held steady at $8.8, and Apple Music slipped slightly to $6.2. Spotify? Flat at $3, proving it's still the economy seat of streaming. The shift reflects YouTube gaining wallet share while Spotify's dominance faces pressure. For artists, diversifying platforms might be the new power move.

Spotify hiked its US subscription price 20% to $11.99 since 2021, yet artist payouts dropped from $4.08 to $3.51 per 1K streams. Adding insult to injury, Spotify’s ‘Discovery Mode’ — expanded in 2023 — now covers 26% of streams, with artists trading a 30% payout cut for extra exposure. Spotify’s message? Pay more, earn less. For musicians, it’s like running faster on a treadmill — more sweat, same result.

YouTube Music is turning up the volume — capturing 26% of the Electronic/Dance wallet share in 2024, up from just 9% in 2022. Meanwhile, Spotify’s dominance slipped from 76% to 58% in the same period. In broader music markets, YouTube gained 3% overall wallet share, while Spotify dipped 2%. For electronic beats, Spotify’s glow sticks are fading, and YouTube’s bass is booming.

Going viral on TikTok is like winning the lottery… only to find out your prize is a coupon. TikTok's payout is a rock-bottom $0.50 per 1K streams — dwarfed by Amazon Music's $8.80 or TIDAL’s $6.80. Even worse, less than 1% of songs go viral on TikTok, and of those, only 15% see sustained growth on major platforms like Spotify or Apple Music. TikTok’s promotional power is undeniable, especially for independent artists. Viral success spans genres like Latin, Hip Hop, and Gospel. But unless TikTok buzz converts into streams elsewhere, fame doesn't translate into fortune. For musicians relying on TikTok alone, it's like being internet famous with no Wi-Fi bill money.

Marketplace funding trends have taken a dramatic turn in recent years, as revealed by data from Carta, first shared by Colin Gardiner newsletter.

Funding Flood Dried Up 💧

Marketplace funding hit its peak in 2021 with a staggering $3.6B raised, only to plunge drastically by 2023. Series B took the hardest fall, tumbling from $2B in 2021 to just $420M in 2024. Seed funding showed resilience, maintaining healthier levels as investors shifted toward earlier-stage bets. The post-pandemic cash drought reflects one truth: traction now speaks louder than vision. Founders must deliver hard numbers, not just big dreams, to unlock investor dollars.

Deal Flow in ICU 🚑

Marketplace deal volume mirrored the funding crash, falling from over 250 rounds in 2021 to just 102 in 2024. While 2024 hints at recovery in series B rounds, with a modest climb to 20 rounds from 17 year before, it's still miles below pre-pandemic heights. Series B rounds remain the weakest link, as investors funnel capital into Seed and Series A stages where traction is easier to prove. The takeaway? Founders who tighten costs and showcase sustainable growth are most likely to break through.

Valuation Whiplash 💥

Average Marketplace valuations peaked in 2021, with Series B rounds averaging $41M — before crashing to $15M by 2023. A mild recovery in 2024 shows Series B valuations crawling back to $21M, but the golden days are gone. Seed-stage valuations, on the other hand, proved remarkably stable, rising modestly from $2.1M in 2020 to $2.9M in 2024. Investors are playing defense, prioritizing smaller, smarter bets over inflated unicorn dreams. Founders must now trade bravado for proof.

🇺🇸 Amazon Tests AI to Boost Product Listings. Amazon’s new AI pilot, launched in March 2025, auto-updates product listings, asking sellers to review changes or they go live by deadline. Sellers can tweak post-launch via support, aiming to save time but some worry about AI errors like past mistranslations. 👉 ChannelX

🇲🇽 MercadoLibre Pumps $3.4B into Mexico. On March 7, 2025, MercadoLibre said it’ll invest $3.4 billion in Mexico this year, up 38% from last year, hiring 10,000 more workers. David Geisen, Mexico boss, shared this at a press event with President Sheinbaum, focusing on tech and finance growth. 👉 Reuters

🇺🇸 Trump Might Delay TikTok Sale Deadline. Trump, on March 6, 2025, hinted he’d push TikTok’s April 5 sale deadline, tied to security worries, maybe by 90 days. He’s eyeing a deal with 50% U.S. ownership via a wealth fund, led by VP Vance and NSA Walz, despite new China tariffs. 👉 Forbes

🇬🇧 TikTok Shop Sets New Seller Rules. Starting March 13, 2025, TikTok Shop’s performance score will use category benchmarks based on top sales from the last 90 days. Sellers don’t need to act—it’s automatic—and can check details in their dashboard to keep things fair. 👉 ChannelX

🇺🇸 TikTok Expands Local Services in U.S. TikTok’s hiring in Seattle, LA, and New York as of March 4, 2025, to link merchants with creators, starting with travel services. This builds on TikTok Shop’s 2023 launch, aiming to grow in-app sales, though details are still hush-hush. 👉 Axios

🇩🇪 Amazon Tries Final Price Display. Amazon’s testing a feature in Germany, spotted March 7, 2025, showing search prices like “9,84 Euro with coupon” instead of percent off. It’s simpler for shoppers, but detail pages still use percentages, says expert Michael Frontzek. 👉 OnlineHändler-News

🇺🇸 Mirakl Grows 30% with $177M Revenue. Mirakl’s 2024 numbers, out March 13, 2025, show $11.2 billion in sales, up 30%, and $177 million yearly revenue, up 15%. They doubled AI cash, bought Adspert, and co-CEO Philippe Corrot says AI’s their game-changer. 👉 Mirakl

🇵🇱 Temu Nearly Catches Allegro in Poland. By February 2025, Temu hit 17.72 million users in Poland, just 123,100 behind Allegro’s 17.85 million, per Mediapanel. Vinted wins time spent at 1 hour 46 minutes per user, showing Temu’s fast rise in the market. 👉 Wirtualnemedia.pl

🇪🇺 EU Sets New VAT Rules for Online Sellers. The EU started new VAT rules on July 1, 2021, making online sellers charge the buyer’s country VAT rate with a €10,000 limit for small shops to use their own rate. It also offers the One Stop Shop to report VAT once and the Import One Stop Shop for goods up to €150. 👉 Onlinehaendler News

🇨🇦 Best Buy Canada Adds Global Sellers to Site. Best Buy Canada teamed up with PingPong to bring international sellers to its marketplace, paying out in over 100 currencies. This builds on its 2016 launch and supports Best Buy U.S.’s plan to start a new marketplace in 2025. 👉 Retail TouchPoints

🇨🇳 Douyin’s Livestreams Hit 3.5 Trillion RMB. Douyin made 3.5 trillion RMB in 2024 with merchant-led livestreams driving 30% of sales, growing 113% for brands. They’re aiming for 4.2 trillion RMB in 2025, helping small sellers with new rules and lower fees. 👉 DAO Insights

🇺🇸 Shein boosts site with curated fashion stores. Shein added Trend Stores for styles like party looks and ranks No. 1 in shopping apps. The Children’s Place joined its platform, and Shein Exchange hit Europe in 2025, adding 4.2 million users in 2023. 👉 PYMNTS

🇸🇦 Aya grabs $1.6M for Saudi fashion growth. Aya, started in 2024 by Munira Al Kadi and Abdulrahman Al Ammar, raised $1.6 million in March 2025. The cash from Khwarizmi Ventures will grow its Abaya market and product lineup. 👉 Wamda

🇪🇺 Half of used webshops break EU rules. A 2025 EU check found 52% of 356 second-hand shops, like clothing sellers, dodge consumer laws. Issues hit 40% on return rights and 45% on faulty goods across 25 countries. 👉 RetailDetail

🇬🇧 Boohoo turns into Debenhams Group. Boohoo rebranded in March 2025, with FY25 revenue down 16% to £1.2 billion and £40 million EBITDA. CEO Dan Finley pushes a leaner Debenhams model to fix youth fashion struggles. 👉 Drapers Online

🇩🇪 dm plans mail-order pharmacy in 2025. dm will launch "dm-Apotheke" from the Czech Republic in autumn 2025, run by Loxxess AG. It’ll sell OTC drugs online, taking on Shop Apotheke with its 60,000 m² hub. 👉 Pharmazeutische Zeitung

🇵🇱 Zalando rolls out Plus loyalty in Poland. Zalando Plus hit Poland in 2025 with discounts and early fashion access for members. Points last 12 months, tying into Lounge by Zalando for better customer hooks. 👉 Fintek.pl

🇨🇭 Olymp opens online shop for Switzerland. Olymp launched a Swiss online store in March 2025, its 7th in Europe. The German brand sells shirts and ties to grow its digital reach in the region. 👉 FashionUnited

🇰🇷 Luxury beauty booms, fashion slows in 2024. South Korea’s beauty sales jumped 16-24% in 2024, led by Lotte at 20%, while fashion grew 5-11%. Coupang’s Rlux added 34 brands, and Prada joined the beauty game in August. 👉 Inside Retail Asia

🇹🇼 Uber Drops Foodpanda Taiwan Deal Over Rules. Uber stopped its $950 million buy of Foodpanda in Taiwan, started in May 2024, due to tough regulations, paying a $250 million fee by March 10, 2025. Taiwan’s Fair Trade Commission said it’d control 90% of the market, so Uber won’t fight it. 👉 TechCrunch

🇭🇰 Deliveroo Quits Hong Kong After 9 Years. Deliveroo is leaving Hong Kong by April 7, 2025, selling some assets to foodpanda after losing money there. The city made up 5% of its 2024 sales but hurt growth, so it’s cutting losses in a tough market. 👉 Tech in Asia

🇫🇷 La Fourche Grows Big After Fast Delivery Flop. La Fourche, a 7-year-old organic online store, has 120,000 members paying €60 a year and aims for €100 million in sales by 2025. It’s doing well with countryside shoppers (46%) and long-shelf stuff like diapers, hitting profit soon. 👉 TechCrunch

🇩🇪 HelloFresh Targets Profit Over Sales Growth. HelloFresh made €7.66 billion in 2024 but plans €450-500 million profit this year, even if sales drop 3-8%. It’s cutting ads and focusing on big orders to make more money after a weak year. 👉 Retail Detail

🇸🇬 Grab Teams Up for Self-Driving Vehicles. Grab joined four tech firms—Autonomous A2Z, Motional, WeRide, Zelos—to test driverless cars in Southeast Asia for safety and jobs. They’re studying how these can deliver food and move people better. 👉 Tech in Asia

🇮🇳 Swiggy Goes All-Electric by 2030. Swiggy wants its whole delivery fleet electric by 2030 and will cut food waste 25% a year while training 1 million people. It’s pushing green packaging and helping 100,000 women get skills, starting now. 👉 Tech in Asia

🇺🇸 Kroger Starts E-commerce Unit with New Boss. Kroger kicked off an online shopping unit, putting Yael Cosset in charge as chief digital officer after $13 billion in 2024 online sales. He’ll run tech and data to grow the grocery’s digital game fast. 👉 Grocery Dive

🇹🇷 Mubadala Eyes Getir Units in Big Buy. Mubadala is asking Turkey to okay its purchase of four Getir parts after investing $250 million in June 2024. Getir, once worth $11.8 billion, fell to $2.5 billion, and this deal could shake up its future. 👉 Turkiye Today

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