The "Uber" Rise Of Peer-To-Peer Sharing

Social media has changed the way we do business by connecting us online to buy goods and services from each other. This has resulted in the rise of "peer-to-peer" sharing apps and websites that connect people to share goods and services, such as transportation and accommodation, among other things. Companies that create these apps – such as Uber and Airbnb – have recently attracted considerable attention worldwide. Just last month Uber reported a valuation of $40 billion, which is more than the current annual revenue of the taxi and limousine market. Airbnb's reported valuation is expected to exceed $10 billion. It is no surprise that these high price tag "sharing economy" firms are gaining international recognition.