The global coronavirus pandemic and the resulting economic fallout might have damaged individual livelihoods and entire economies, but some enterprises thrived in spite of – and possibly because of – the problematic situation. Israel's Wix, a do-it-yourself website design and hosting service, announced Wednesday that 2020 was the most successful year in its history.
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In an online conference, Wix co-founder and CEO Avishai Abrahami announced that in 2020, over 31 million new registered users joined Wix and the company gained almost 1 million new subscriptions.
"We crossed $1 billion of annual collections for the first time. It was truly humbling to help lift millions of businesses through an extremely challenging year, and I am particularly proud of our team for maintaining focus and dedication throughout the year," Abrahami said.
"It is clear that we can now become a dominant player on the internet, and I expect us to strengthen this position significantly over the coming decade. Wix will now strive to become the main engine of the internet, democratizing access and providing a place where the majority of people will build their web presence. My goal and belief is that at this rate of growth, in the next 5-7 years, 50% of anything new built on the internet will be done on Wix," Abrahami added.
Wix CFO Lior Shemesh said that the company's Q4 results "closed out a record-breaking year, with results exceeding the high end of our guidance ranges."
Shemesh said that Wix was investing into new products, notably Wix Payments.
How do the company's blockbuster numbers break down? In 2020 the company took in a total revenue of $988.8 million, compared to $76.1. million for 2019 – an increase of 30% year-on-year. Revenue from creative subscriptions rose from $644.5 million in 2019 to $783.5 million in 2020, a 22% increase. Wix's business solutions revenue increased from $116.6 million in 2019 to $205.3 million, a 76% increase.
In Q4 2020, Wix's total revenue stood at $282.5 million, a 38% increase ove Q4 2019 ($204.6 million). Revenue from creative subscriptions in Q4 2020 stood at $213.7 million, compared to $171.4 million in Q4 2019, an increase of 25% year-on-year. Revenue from business solutions in Q4 2020 totaled $68.8 million, compared to $33.2 million in Q4 2019, a 107% year-on-year increase.
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