The review economy

A 2024 Brightlocal study shows that 97% of all internet users use online reviews for local businesses. 77% use them on a very regular basis. An earlier study in 2018, also from Brightlocal, states that 91% of consumers between the age of 18 to 34 are big believers of online reviews, trusting them as much as personal recommendations.

Despite reaching mass adoption already, the market size of online review platforms is projected to reach USD 34.5 billion by 2030 with an expected annual growth rate of 35%.

Some other amazing statistics:

• Yelp receives 26,830 new reviews per minute

• Yelp had a total of 244 million reviews in 2021

• Over 178 million people visit Yelp every month

• Tripadvisor passed one billion reviews in 2022

• Yelp reached $1.3 billion of revenue in 2024

It is clear that the review economy has a massive impact on our behavior and choices. Despite this impressive usage and growth, the review economy faces some dark challenges.