Travel marketplaces are steady. This sector has traded in a tight range of 2.4x to 3.4x since we began collecting the data, with the latest revenue multiple coming in at 2.5x.
Subscription. Subscription has been humbled since 2018, and now trades at 4.6x revenue. Netflix and Match’s revenue multiple continue to be the outperformers at 7.0x and 12.2x respectively, because their customers are so sticky.
Ecommerce is soft. The sector is the least attractive to investors, with a median revenue multiple of 1.3x. There is a big difference between what we would call premium ecommerce like Carvana and Amazon (4.6x and 3.5x), versus weak ecommerce like Blue Apron (0.3x revenue).