Over 500 million registered users
Dropbox (DBX) was founded in 2007 as a customer cloud storage firm. Over the years, the company has realized the potential of collaboration in the workplace. Dropbox is already one of the most widely adopted software platforms globally with 500 million registered users.
Dropbox has 11.5 million paying users, and the firm has estimated that approximately 80% of these customers use Dropbox for work. According to Dropbox, its unique business model combines the scale of a consumer Internet business with the stability and predictability of its SaaS (software-as-a-service) business. This business model has made Dropbox into one of the fastest-growing SaaS companies in the world.
Market opportunity of $50 billion
Dropbox is now focusing on leveraging its expertise to penetrate the $50 billion content collaboration market. This market includes segments such as project management, collaborative applications, cloud storage, and content management.
Last year, Dropbox launched “Dropbox Events,” which is a premium subscription plan targeted at teams that require a more sophisticated device management functionality. Dropbox also launched the “Dropbox Professional,” which is a premium plan for extended file recovery and has advanced sharing control features. These features led to an increase in ARPU (average revenue per users) during Q1 2018.