Whatnot's Global GMV Doubles Year-over-Year to Reach $8 Billion in 2025

[Ebrun Exclusive] February 11th – According to a recent research report released by Whatnot, the platform's global Gross Merchandise Volume (GMV) exceeded $8 billion in 2025, representing a doubling of growth compared to the previous year. During the same period, over 20 million new accounts were created on the platform, with sellers generating more than 5 million new product listings daily, indicating continuous expansion in both user base and supply scale.

The report highlights that live-stream shopping has become a core revenue source for sellers. In 2025, 53% of sellers reported that their primary income came from live sales, a significant increase from 41% the previous year. Sellers spent an average of 23 hours per week on live streaming and business management, up from 19 hours in the prior year. Currently, one in eight sellers is a full-time professional, with the number of full-time sellers growing by 20% year-over-year.

The study, titled "The 2026 State of Live Selling Report," surveyed 4,016 sellers operating across multiple platforms, including 1,670 who are active exclusively on Whatnot. The research was conducted between October and December 2025.

In terms of revenue performance, sellers who stream daily on Whatnot reported average monthly earnings approaching $60,000. The number of sellers earning over $10,000 per month doubled year-over-year, and the count of sellers whose cumulative sales surpassed $1 million also doubled in 2025.

Cross-platform data further revealed that the average seller's income increased by 24% year-over-year, with nearly 90% of sellers stating that sales generated via live-stream e-commerce exceeded those from traditional online channels. On Whatnot, live commerce accounted for 74% of sales for US-based sellers, 67% for UK sellers, 61% for French sellers, and 59% for German sellers.

By age group, Gen Z sellers (aged 18-28) reported the highest average monthly revenue among all demographics, indicating strong participation from younger sellers in the live commerce space.

As sales volumes grow, sellers are also increasing their investments in physical and operational infrastructure. Nearly 80% of live-stream sellers operate from commercial premises, including physical stores (34%), warehouses (31%), and office spaces (14%), while only 21% primarily work from home. Among sellers reporting sales growth, 24% have leased additional space, and 15% have hired one to three employees.

Regarding seller motivations, building an online community (36%), pursuing a hobby or interest (36%), and supplementing income (35%) were cited at similar rates, while 33% of sellers aim to generate their primary income through the platform. A significant 93% of sellers believe that live-stream selling is crucial for the long-term success of their business. Over 41% reported that their audience growth accelerated after launching a live channel.

Revenue levels vary considerably across markets. Daily live sellers averaged monthly earnings of $69,000 in the US, ￡30,000 in the UK, ?17,000 in France, and ?106,000 in Germany. The report notes that in all regions, daily streamers earn 100 to 250 times more than sellers who stream only once or twice a month.

In terms of product categories, while collectibles remain a foundational segment for the platform, everyday retail categories showed significant growth.

In 2025, beauty product sales increased by 791% year-over-year, electronics by 444%, jewelry by 259%, and women's apparel by 223%. Categories such as coins, gold bars, and precious metals also performed well, with sellers in these niches averaging over $1,000 in GMV per hour.

In the UK, beauty sellers averaged nearly ￡3,000 in monthly revenue; in the US, live-stream fashion commerce generated over 12 million orders monthly, with nearly 6,000 items sold per hour on average.

User engagement metrics are also strong: global users spent an average of 95 minutes per day on the platform, a 19% year-over-year increase. First-time buyers grew by 285%, and the monthly customer retention rate exceeded 80%.

Looking ahead to 2026, 88% of surveyed sellers plan to increase their investment in live-stream sales, and nearly 90% believe businesses that have not adopted live commerce may face competitive disadvantages. Grant LaFontaine, Co-founder and CEO of Whatnot, stated that live shopping is becoming a mainstream retail format.

On the capital front, Whatnot closed a $225 million Series F funding round at the end of 2025, valuing the company at approximately $11.5 billion. The company indicated that the funds will be used for infrastructure development, market expansion, and investments in trust and safety systems. Whatnot currently operates in the US, Canada, the UK, Germany, France, the Netherlands, Austria, Belgium, and Australia.

However, industry observers note that as the market scales and competition intensifies, sellers face increased competitive pressure and rising costs. Some sellers reported that after accounting for platform commissions, promotional expenses, and logistics costs, their profit margins are being squeezed. Simultaneously, the platform faces ongoing needs for optimization in areas such as buyer experience, dispute resolution, and customer support.

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