Ann: Appendix 3Y, page-14

Upwork and Fiverr spend big on marketing to grab market share, which is something that Freelancer doesn’t do.

Sales and marketing spends (% of revenue), FY19 (FY18):
Upwork 35.7% (32.6%)
Fiverr: 58.6% (65.8%)
Freelancer: 17.4%.

When thinking about marketing and awareness, [FLN] management has considered the return from every dollar spent on marketing and within the specific time frame they expect to get the return. Competitors definitely have better growth stories but are spending money to make money.

Source: https://thehonestinvestors.com/2020/03/01/fundamentals-of-freelancer-com/

MB is regularly questioned on marketing spend. From a call in late 2019, "[FLN] Will not invest in marketing that does not deliver positive ROI within a specific timeframe". From Post #: 41120968.

DYOR