2024 has been an "interesting" year for all of us who serve the live events industry. Although most companies are pleased to announce an increase in top line revenue, profits have often declined, with some companies even experiencing losses.
It feels like another, more positive and helpful reset is coming. One where pricing is not tied to 2019 levels, but instead matches the realities of 2025. This reset will help companies, large and small, to continue to navigate the evolution of the market and grow not just top line revenues, but profits as well!
In a similar vein, GearSource faced its own set of challenges and a need for adjustments to the changing world. Thanks to the unwavering dedication and hard work of our team, GearSource is now in a much stronger position as we approach the end of 2024. Our new tech team has been a beacon of innovation, managing our most reliable platform yet and eagerly working on exciting advancements like AI tools set to launch in Q1. The company also welcomed a new banking partner who truly understands the intricate dance of a global B2B marketplace, we've begun to introduce an internal freight and logistics brand to ease the burdens of international trade. And speaking of a fantastic team, an agency has been engaged to recruit exceptional talent and continue growing our international team. This collective effort has been met with a welcomed response in revenue, allowing GearSource to close 2024 with significant growth, year over year.
As we look forward to 2025, GearSource is poised to embark on the most remarkable growth journey in our 22-year history, fueled by the support of external investment. Reflecting on the past four years, I am filled with gratitude for the unwavering patience and steadfast support of our global buyers and sellers, and the incredible dedication of our GearSource team, whose talent and passion have been the heart of our success. My excitement for 2025 extends beyond GearSource; it encompasses our entire industry. Together, we are stepping into a transformative new chapter, and I am genuinely thrilled to witness our collective success.
Please, take the time to enjoy the holidays safely with your friends and family, and reflect on 2024 as you also prepare for what is to come in 2025.
Merry Christmas / Happy Holidays, and a VERY Happy New Year.
Marcel Fairbairn / Founder & CEO