Yelp Inc. (YELP): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de los directorios comerciales digitales, Yelp ha revolucionado cómo los consumidores descubren y evalúan las empresas locales, transformando el panorama de las revisiones y recomendaciones en línea. Al crear una plataforma poderosa que conecta a millones de usuarios con servicios locales a través de ideas de origen público, Yelp ha creado un modelo comercial sofisticado que aprovecha la tecnología, la participación de la comunidad y la publicidad dirigida para generar ingresos sustanciales. Este profundo inmersión en el lienzo de modelo de negocio de Yelp presentará las intrincadas estrategias detrás de su éxito, revelando cómo se han convertido en una herramienta indispensable tanto para los consumidores como para las empresas en la era digital.

Yelp Inc. (Yelp) - Modelo de negocio: asociaciones clave

Empresas y restaurantes locales que buscan visibilidad en línea

A partir del cuarto trimestre de 2023, Yelp tenía 5.8 millones de páginas comerciales reclamadas. La plataforma admite 219,000 cuentas de publicidad comercial activa. Las asociaciones comerciales locales de Yelp generan aproximadamente $ 1.14 mil millones en ingresos publicitarios anuales.

Categoría de asociación	Número de socios	Impacto anual de ingresos
Restaurantes locales	2.4 millones	$ 450 millones
Negocios minoristas	1.6 millones	$ 350 millones
Proveedores de servicios	1.8 millones	$ 340 millones

Plataformas publicitarias

Yelp mantiene asociaciones estratégicas con las principales plataformas de publicidad digital.

• Integración de los anuncios de Google: genera aproximadamente $ 180 millones en ingresos por publicidad multiplataforma
• Colaboración publicitaria de Facebook: estimado de $ 120 millones en oportunidades de publicidad conjunta
• Asociación publicitaria de Microsoft: genera alrededor de $ 50 millones anuales

Revisar los contribuyentes de contenido

El modelo de contenido generado por el usuario de Yelp involucra 244 millones de revisiones únicas de los usuarios a partir de 2023. La plataforma admite aproximadamente 69 millones de usuarios activos mensuales que contribuyen con contenido.

Proveedores de tecnología y servicios en la nube

Proveedor	Tipo de servicio	Inversión anual
Servicios web de Amazon (AWS)	Infraestructura en la nube	$ 45 millones
Plataforma en la nube de Google	Almacenamiento de datos	$ 22 millones
Microsoft Azure	Sistemas de respaldo	$ 18 millones

Análisis de datos y empresas de aprendizaje automático

Yelp invierte $ 35 millones anuales en análisis avanzados de análisis de datos y aprendizaje automático para mejorar los algoritmos de recomendación y la experiencia del usuario.

• IBM Watson AI Colaboración: inversión de $ 12 millones
• Asociación de aprendizaje automático de DatoBot: contrato anual de $ 8 millones
• Integración de análisis de datos de Palantir Technologies: asociación de $ 15 millones

Yelp Inc. (Yelp) - Modelo de negocio: actividades clave

Desarrollo y mantenimiento de la plataforma de revisión del usuario

Yelp invirtió $ 208.9 millones en investigación y desarrollo en 2022, centrándose en la mejora y el mantenimiento de la plataforma.

Métrica de plataforma	Datos 2022
Usuarios totales de la plataforma	35.4 millones
Usuarios activos mensuales	26.4 millones
Listados de negocios totales	5.2 millones

Listado y verificación de negocios locales

Yelp emplea un equipo dedicado para la verificación y gestión de la lista de negocios.

• El proceso de verificación incluye controles manuales y automatizados
• Personal dedicado para la incorporación de negocios
• Mantenimiento continuo de precisión de datos

Ventas y gestión de publicidad digital

Los ingresos por publicidad para Yelp en 2022 fueron de $ 1.04 mil millones, lo que representa una parte significativa de su modelo de negocio.

Segmento publicitario	Ingresos 2022
Ingresos publicitarios locales	$ 727.4 millones
Ingresos publicitarios nacionales	$ 312.6 millones

Experiencia del usuario y optimización de la interfaz

Yelp invierte continuamente en mejoras en la interfaz de usuario y desarrollo de plataformas móviles.

• Descargas de aplicaciones móviles: 41.2 millones en 2022
• Tráfico móvil: 78% del tráfico de plataforma total
• Pruebas A/B continuas para mejoras de interfaz

Mejora del algoritmo de recopilación de datos y recomendación

Yelp utiliza técnicas avanzadas de aprendizaje automático para algoritmos de recomendación.

Métrica de recopilación de datos	2022 estadísticas
Revisiones totales	250 millones
Crecimiento de la revisión anual	12.3%
Inversión de aprendizaje automático	$ 42.5 millones

Yelp Inc. (Yelp) - Modelo de negocio: recursos clave

Gran base de datos de revisión generada por el usuario

A partir del cuarto trimestre de 2023, Yelp informó:

Métrico	Valor
Número total de revisiones	244 millones
Negocios enumerados	5.2 millones
Usuarios activos mensuales	33.4 millones

Algoritmos avanzados de recomendación y búsqueda

Las capacidades algorítmicas de Yelp incluyen:

• Motor de recomendación de aprendizaje automático
• Procesamiento del lenguaje natural para el análisis de revisión
• Sistema de clasificación de búsqueda personalizada

Reconocimiento de marca fuerte

Métrico de marca	Valor
Valor de marca	$ 1.2 mil millones
Reconocimiento del mercado	82% en el descubrimiento de negocios locales

Infraestructura móvil y de plataforma web

Estadísticas de implementación de la plataforma:

• Descargas de aplicaciones móviles: 46.3 millones
• Plataforma web Visitantes mensuales únicos: 178 millones
• Porcentaje de tráfico móvil: 67%

Comunidad de usuarios y herramientas de compromiso

Métrica de la comunidad	Valor
Contribuyentes activos	1.9 millones
Revisiones promedio por negocio	37 reseñas
Tasa de participación del usuario	22.6%

Yelp Inc. (Yelp) - Modelo de negocio: propuestas de valor

Información y revisión empresarial local integral

A partir del cuarto trimestre de 2023, Yelp contó con 5.5 millones de listados de negocios en múltiples categorías. La plataforma contenía 244 millones de revisiones acumulativas con un promedio de 2.6 revisiones por negocio.

Métrico	Cantidad
Listados de negocios totales	5,500,000
Revisiones acumulativas	244,000,000
Revisiones promedio por negocio	2.6

Plataforma fácil de usar para descubrir y calificar los servicios

La aplicación móvil de Yelp tenía 34.4 millones de usuarios activos mensuales en 2023, con una calificación de 4.7/5 en iOS App Store y 4.3/5 en Google Play Store.

• Descargas de aplicaciones móviles: 87.3 millones
• Duración promedio de la sesión del usuario: 6.2 minutos
• Tasa de participación del usuario: 62%

Mecanismo transparente de retroalimentación del consumidor

Yelp procesó 248 millones de visitantes mensuales únicos en 2023, con una tasa de verificación de revisión del 92%.

Métrico de retroalimentación	Valor
Visitantes únicos mensuales	248,000,000
Tasa de verificación de revisión	92%
Tasa de respuesta comercial	67%

Acceso gratuito a listados y revisiones de negocios

Yelp ofreció 4.2 millones de listados de negocios gratuitos en 2023, que representan el 76% de los listados de plataformas totales.

• Listados de negocios gratuitos: 4,200,000
• Porcentaje de listados gratuitos: 76%
• Crecimiento anual de listado gratuito: 14%

Recomendaciones personalizadas basadas en las preferencias del usuario

El algoritmo de recomendación de Yelp procesó 3.8 millones de recomendaciones personalizadas diariamente en 2023, con una tasa de interacción del usuario del 43%.

Métrica de recomendación	Valor
Recomendaciones personalizadas diarias	3,800,000
Tasa de interacción del usuario	43%
Precisión de recomendación	71%

Yelp Inc. (Yelp) - Modelo de negocio: relaciones con los clientes

Plataforma en línea de autoservicio

A partir del cuarto trimestre de 2023, la plataforma en línea de Yelp admite 244 millones de usuarios únicos de dispositivos mensualmente. La plataforma permite a los usuarios:

• Crear cuentas personales
• Escribir y publicar reseñas
• Buscar negocios
• Acceder a información comercial detallada

Sistema de revisión y calificación impulsada por la comunidad

Métrico	2023 datos
Revisiones totales de los usuarios	267 millones
Usuarios activos mensuales promedio	33 millones
Listados de negocios	6.5 millones

Canales de atención al cliente

Los canales de soporte incluyen:

• Soporte por correo electrónico
• Centro de ayuda en línea
• Foros de la comunidad
• Soporte telefónico para cuentas comerciales

Compromiso de contenido generado por el usuario

En 2023, Yelp experimentó:

• 5.2 millones de fotos enviadas por el usuario
• 3.8 millones de consejos comerciales generados por el usuario
• 42% Tasa de compromiso de revisión del usuario

Características de recomendación personalizadas

Característica de recomendación	Estadísticas de uso
Sugerencias comerciales personalizadas	67% de los usuarios activos
Recomendaciones basadas en la ubicación	54% de adopción de usuarios
Coincidencia de intereses	48% de interacción del usuario

Yelp Inc. (Yelp) - Modelo de negocio: canales

Aplicación móvil (iOS y Android)

A partir del cuarto trimestre de 2023, la aplicación móvil de Yelp tiene 32.8 millones de usuarios activos. La aplicación está disponible en plataformas iOS y Android con una calificación de 4.7/5 en Apple App Store y 4.5/5 en Google Play Store.

Plataforma	Descargas totales	Usuarios activos mensuales
iOS	18.6 millones	15.4 millones
Androide	22.3 millones	17.4 millones

Plataforma web (escritorio y web móvil)

La plataforma web de Yelp genera 178 millones de visitantes únicos mensuales en las interfaces web de escritorio y móviles.

Plataforma web	Visitantes únicos mensuales
Web de escritorio	92.5 millones
Web móvil	85.5 millones

Marketing por correo electrónico

Yelp mantiene una base de suscriptores de correo electrónico de 44.2 millones de contactos de correo electrónico activos con una tasa de apertura promedio de 22.6%.

Integración de redes sociales

• Facebook: 3.1 millones de seguidores
• Twitter: 1.8 millones de seguidores
• Instagram: 425,000 seguidores
• LinkedIn: 290,000 seguidores

Integraciones de aplicaciones e sitios web de terceros

Yelp tiene asociaciones de integración con 47 plataformas de terceros diferentes, incluidos Google Maps, Apple Maps y TripAdvisor.

Socio de integración	Tráfico de referencia mensual
Google Maps	12.6 millones
Mapas de manzana	8.3 millones
Tripadvisor	4.7 millones

Yelp Inc. (Yelp) - Modelo de negocio: segmentos de clientes

Consumidores locales que buscan recomendaciones comerciales

A partir del cuarto trimestre de 2023, Yelp reportó 35.4 millones de usuarios de dispositivos únicos activos en su plataforma. Los visitantes únicos mensuales alcanzaron aproximadamente 174 millones en plataformas web y móviles.

Demográfico del usuario	Porcentaje
Edad 18-34	42%
Edad 35-54	38%
Edad 55+	20%

Pequeñas y medianas empresas

En 2023, la plataforma de Yelp alojó más de 6.1 millones de cuentas comerciales activas. Aproximadamente 224,000 empresas pagaban a los clientes publicitarios.

• Gasto publicitario mensual promedio por negocio: $ 379
• Ingresos publicitarios totales en 2023: $ 1.12 mil millones

Profesionales de la industria de restaurantes y servicios

La plataforma de Yelp contó con 2,3 millones de listados de negocios relacionados con restaurantes y servicios en 2023.

Categoría de negocios	Número de listados
Restaurantes	1.1 millones
Servicios de alimentos	520,000
Servicios profesionales	680,000

Viajeros y turistas

En 2023, las búsquedas relacionadas con los viajes en YELP aumentaron en un 35% en comparación con el año anterior.

• Revisiones de alojamiento de hoteles y viajes: 480,000
• Listados de atracciones turísticas: 210,000

Demográfico urbano y experto en tecnología

La base de usuarios de Yelp se concentró en áreas metropolitanas, con el 68% de los usuarios ubicados en centros urbanos.

Las principales áreas metropolitanas	Porcentaje de usuarios
Nueva York	12%
San Francisco	9%
Los Ángeles	8%

Yelp Inc. (Yelp) - Modelo de negocio: Estructura de costos

Infraestructura y mantenimiento de la tecnología

En 2023, Yelp reportó tecnología total y gastos de desarrollo de $ 179.4 millones, lo que representa el 18.7% de los ingresos totales. Los costos de infraestructura de la compañía incluyen:

Categoría de costos	Cantidad (2023)
Gastos de alojamiento de nubes	$ 42.3 millones
Mantenimiento del servidor	$ 23.7 millones
Infraestructura de red	$ 18.9 millones

Investigación y desarrollo

Yelp invirtió $ 179.4 millones en I + D durante 2023, centrándose en:

• Algoritmos de aprendizaje automático
• Mejoras de la experiencia del usuario
• Desarrollo de plataforma móvil
• Sistemas de recomendación impulsados ​​por la IA

Gastos de ventas y marketing

En 2023, los gastos de ventas y marketing de Yelp totalizaron $ 337.5 millones, que fue del 35.2% de los ingresos totales.

Canal de marketing	Gasto (2023)
Publicidad digital	$ 156.2 millones
Operaciones del equipo de ventas	$ 98.3 millones
Promoción de la marca	$ 83.0 millones

Moderación de contenido y verificación de revisión

Yelp asignó $ 45.6 millones en 2023 para procesos de verificación de moderación y revisión de contenido.

• Sistemas de filtrado de contenido automatizado
• Equipos de revisión manual
• Tecnologías de detección de fraude

Operaciones de atención al cliente

Los gastos de atención al cliente en 2023 fueron de $ 62.7 millones, lo que representa el 6.5% de los ingresos totales.

Canal de soporte	Costo (2023)
Soporte telefónico	$ 22.4 millones
Soporte por correo electrónico	$ 18.3 millones
Soporte de chat	$ 22.0 millones

Yelp Inc. (Yelp) - Modelo de negocio: flujos de ingresos

Publicidad de negocios locales

En el cuarto trimestre de 2023, Yelp reportó ingresos de publicidad locales de $ 279.1 millones, lo que representa el 86.8% de los ingresos totales de la compañía.

Segmento publicitario	Ingresos (cuarto trimestre de 2023)	Porcentaje de ingresos totales
Publicidad de negocios locales	$ 279.1 millones	86.8%

Listados patrocinados y perfiles mejorados

Yelp ofrece listados patrocinados con precios que van desde $ 300 a $ 2,000 por mes, dependiendo del tamaño y la ubicación del negocio.

• Los perfiles comerciales mejorados incluyen características adicionales como galerías de fotos
• Colocación premium en resultados de búsqueda
• Análisis avanzado para dueños de negocios

Publicidad digital dirigida

Los ingresos por publicidad digital para Yelp en 2023 alcanzaron aproximadamente $ 42.5 millones.

Tipo de publicidad	Tasa promedio de CPM	Ingresos anuales estimados
Mostrar publicidad	$5.20	$ 25.3 millones
Anuncios dirigidos	$7.50	$ 17.2 millones

Suscripciones de cuentas comerciales premium

La plataforma Yelp ADS generó $ 89.4 millones en ingresos basados ​​en suscripción en 2023.

• Cuenta comercial básica de Yelp: gratis
• Yelp Business Pro: $ 199/mes
• Yelp Business Elite: $ 499/mes

Licencias de datos y acceso a API

Los ingresos por licencias de API y datos totalizaron $ 12.6 millones en 2023.

Categoría de licencias	Ganancia	Clientes clave
Acceso a la API	$ 8.3 millones	Empresas tecnológicas, servicios de mapeo
Licencia de datos	$ 4.3 millones	Firmas de investigación, analistas de mercado

Yelp Inc. (YELP) - Canvas Business Model: Value Propositions

For Consumers: Trusted, comprehensive local business information and discovery.

Yelp Inc. provides a platform where millions of people find local businesses. Around 2.5 million people search on Yelp every day. As of 2024, the Yelp app was used by 29 million people each month. Consumers have contributed over 308 million cumulative reviews, with 21 million new reviews added in 2024 alone. Yelp ranks #2 among U.S. review platforms. Furthermore, 45.18% of users say they prefer to check reviews on Yelp before visiting a business. The user base includes a high-income segment, with over 56% of U.S. users earning $100,000 or more annually.

• User base aged 55 and above share: 39%.
• Recommended reviews percentage: Approximately 76%.
• Total active business pages hosted: 7.74 million.

For Businesses: Targeted local advertising to high-intent customers.

Yelp Inc. offers businesses a way to reach customers actively looking for their services. For the third quarter of 2025, Yelp reported net revenue of a record $376 million, a 4.4% increase year-over-year. The full-year 2025 net revenue outlook is now projected to be between $1.460 billion and $1.465 billion at the midpoint. In mid-2025, Yelp had 515,000 paying advertising locations. Advertisers spent about 8% more per business page in 2024. The value proposition is segmented clearly by business category:

Advertising Category	2024 Ad Revenue Amount	Year-over-Year Change	Q3 2025 Net Revenue Amount	Q3 2025 YoY Change
Services	$879 million	Up 11%	$243.81 million	Up 6.9%
Restaurants, Retail & Other (RR&O)	$470 million	Down 3%	$113.55 million	Down 2.5%

For Service Pros: AI-powered tools (Yelp Receptionist) to manage leads and calls.

Yelp Inc. introduced new AI tools as part of its Fall 2025 product release, including Yelp Receptionist, designed to automate customer interactions for service businesses. The Yelp Receptionist tool is set to launch initially for eligible businesses at $99 per month. This builds on earlier AI features like Yelp Assistant, a conversational chatbot previewed in April 2024. The Fall 2025 AI release included over 35 new features aimed at streamlining operations.

For Restaurants: Transaction enablement (ordering, reservations) and AI Host.

Restaurants gain operational support through AI tools like Yelp Host, which functions as an AI phone agent. Yelp Host can manage guest calls, update reservations, and provide wait times. For restaurants using Yelp Guest Manager, the subscription for Yelp Host starts at $99 per month; otherwise, it starts at $149 per month. These tools aim to automate front-of-house communication.

High-quality content via features like Menu Vision and Review Insights.

The platform enhances discovery with AI-driven content features. Menu Vision AI, launched in the Fall 2025 release, allows users to scan physical menus, and the app uses AI to pull up corresponding photos and review snippets. When paired with Google Business Profile optimizations, businesses in niches like dining have reported traffic gains of 15-25% from these AI features. Furthermore, AI-powered Review Insights, introduced in December 2024, uses Large Language Models to highlight reviewer sentiment on factors like food quality, service, and wait times.

• Number of new features in the Fall 2025 AI release: Over 35.
• Review Insights highlights sentiment on: food quality, service, and wait times.

Yelp Inc. (YELP) - Canvas Business Model: Customer Relationships

You're looking at how Yelp Inc. manages its connections with the two sides of its marketplace: the businesses paying for services and the users creating the content that drives value. The relationship structure is intentionally tiered based on the size and complexity of the business customer.

Self-service advertising platform for smaller local businesses.

The bulk of Yelp Inc.'s advertiser base relies on self-serve tools to manage their presence and advertising spend. As of September 30, 2025, the total number of paying advertising locations stood at 512,000. This is down 2% year-over-year, reflecting macroeconomic pressures, particularly in certain categories. However, the platform supports a much larger ecosystem, hosting 7.74 million active business pages, which grew 10% from the prior year. The average revenue per location reached an annual record in 2024, showing that the advertisers who remain are spending more. For context on the user side, 29 million people access the Yelp app each month to find businesses, and around 2.5 million people search on Yelp every day.

The influence of user-generated content is central to this relationship. A staggering 94% of customers claim that positive reviews on Yelp have made them devoted to a business, giving it first preference for purchases. Conversely, 92% of people are unlikely to engage with a business listing that has negative reviews.

Here's a look at the scale of the community and advertising base as of late 2025:

Metric	Value (Late 2025)	Context/Date
Active Business Pages	7.74 million	Up 10% YoY
Paying Advertising Locations	512,000	As of September 30, 2025
Monthly App Users	29 million	As of September 2025
Daily Searches	2.5 million
Cumulative Reviews	Over 308 million

Dedicated sales and account management for larger advertisers.

Larger advertisers, often falling into the high-value Services categories, receive more dedicated attention. This is evident in the revenue performance: Services advertising revenue hit a record $244 million in Q3 2025, marking a 7% year-over-year increase. This segment growth contrasts with the Restaurants, Retail & Other (RR&O) category, which saw revenue decline by 2% in the same quarter. In 2024, Services advertising revenue was a record $879 million, up 11%, while RR&O revenue was $470 million, down 3%. The focus on Services, which includes home and auto repair, suggests these relationships are managed more closely to drive higher-value leads. Back in 2023, self-serve and multi-location channels accounted for approximately 50% of total advertising revenue, with multi-location revenue growing by approximately 15% year-over-year, indicating a segment that likely receives dedicated support.

Community-driven engagement and content contribution from users.

The relationship with users is built on facilitating content creation and ensuring its quality. Users have contributed over 308 million cumulative reviews. In 2024 alone, 21 million new reviews were added. Yelp Inc. actively curates this content, with approximately 76% of reviews being recommended by its system. The user base is financially attractive to businesses; over 50% of Yelp users have an annual income above $100,000. Furthermore, user demographics show that 40% of users are aged 55+, and 62% have attended college.

The platform uses this community data to help businesses connect with current demand, as shown by its trend tracking capabilities, which use year-over-year data in searches and mentions.

New subscription model for AI-powered SaaS tools (Yelp Host/Receptionist).

Yelp Inc. is actively deepening relationships with businesses, especially in the service and restaurant sectors, through new AI-powered Software as a Service (SaaS) tools launched in the Fall 2025 product release. These tools aim to automate customer management, which is a direct value exchange for a recurring subscription fee. Early results indicate a strong product-market fit for these incremental offerings.

The pricing structure for these new direct-to-business relationships is as follows:

• Yelp Host: Starts at $149 per month.
• Yelp Host (for existing Guest Manager users): Priced at $99 per month.
• Yelp Receptionist: Launching initially for eligible businesses at $99 per month.

These tools are designed to answer calls 24/7, manage reservations, collect lead details, and filter spam, directly addressing labor challenges for businesses.

Finance: draft 13-week cash view by Friday.

Yelp Inc. (YELP) - Canvas Business Model: Channels

You're looking at how Yelp Inc. gets its product-local business information and advertising-into the hands of consumers and businesses as of late 2025. It's a multi-pronged approach, heavily weighted toward mobile, but with significant AI integration now driving both consumer discovery and business tools.

Yelp mobile application (primary consumer channel)

The mobile application is definitely the core engagement point for consumers. It's where the high-intent traffic lives. You see this in the user behavior metrics; mobile users are more likely to act fast after searching.

• The Yelp app had 29 million monthly users in 2024.
• The platform has around 32 million regular mobile app users.
• Mobile Yelp users are 70% more likely to visit a business within 24 hours compared to desktop users.
• Yelp mobile app users contribute 55% of new reviews.
• The app has been downloaded over 250 million times since launch.
• About 45% of Yelp's audience accesses the platform primarily via the mobile app.

Yelp website (desktop and mobile web)

The website still pulls in a massive audience, especially for desktop users doing deeper research. While mobile traffic is dominant in searches, desktop still accounts for a significant chunk of overall visits.

Here's a look at the traffic split based on recent data points:

Metric	Value	Context/Date
Total Monthly Visitors (App + Web)	Around 75 million	Checking business information and reviews
Total Monthly Visits	Around 133.7 million	As of February 2025
Desktop Unique Visits Share	About 52% (roughly 69.4 million visits)	As of February 2025
Mobile Web Unique Visitors	60.282 million	In 2023

It's clear that while the app drives immediate action, the desktop web experience is critical for capturing a large segment of the overall user base.

AI-powered voice and chat interfaces (Yelp Assistant)

The investment in Artificial Intelligence is a major channel evolution, moving beyond simple search to conversational discovery and direct business support. The Yelp Assistant, which debuted in 2024, is central to this push.

• The AI-powered Yelp Assistant drove a 50% sequential increase in project submissions from Q3 to Q4 2024.
• Yelp launched over 35 new AI features in October 2025, including enhanced conversational AI assistants.
• Yelp Assistant now uses large language models to answer direct consumer inquiries instantly.
• New AI solutions for businesses include Yelp Host and Yelp Receptionist.
• Yelp Host is priced at $149 per month (or $99 with Yelp Guest Manager integration).

Paid search and digital marketing to acquire users and service requests

This channel is Yelp Inc.'s primary revenue driver, focused on getting businesses to pay for visibility and lead generation, especially within the high-growth Services categories. The company made significant investments in its advertising technology in 2024.

Financially, the advertising performance for 2024 shows a clear strategic pivot:

Advertising Segment	2024 Revenue	Year-over-Year Change
Services Advertising Revenue	Record $879 million	Increased by 11%
Restaurants, Retail & Other (RR&O) Advertising Revenue	$470 million	Decreased by 3%

Services advertising now accounts for over 60% of Yelp Inc.'s total ad revenue. As of mid-2025, Yelp has 515,000 paying advertising locations. The platform operates on a Cost-Per-Click (CPC) model for advertisers, where costs can vary wildly; legal services might see CPCs exceeding $50, while restaurants could pay under $1 per click. A key feature of this channel is that Yelp Ads can place a paying business's ad directly on a competitor's business page, though Yelp charges an extra $50 monthly fee to remove competitor ads from one's own profile. Consumer intent here is high: 82% of Yelp users visit the platform with immediate purchase intent.

Yelp Inc. (YELP) - Canvas Business Model: Customer Segments

You're looking at the core audience Yelp Inc. serves to drive its platform value. Honestly, the customer base is clearly bifurcated into those who spend money to get found-the businesses-and those who spend money after finding a business-the consumers.

Local Businesses: Small and medium-sized enterprises (SMEs) across Services and RR&O

These are the backbone of the platform's revenue. Yelp Inc. hosts a massive inventory of businesses, but the paying segment is what matters for the top line. As of the third quarter of 2025, the average number of paying advertising locations stood at 512K. This is a key metric showing business commitment. The total number of active business pages on the platform reached 7.74 million, marking a 10% increase from the prior year. The revenue mix clearly shows where the current investment focus is landing:

Advertising Category	2024 Advertising Revenue (Millions USD)	Approximate Revenue Share (2025 Data)
Services (Home, Auto, Health, etc.)	$879 million	68%
Restaurants, Retail & Other (RR&O)	$470 million	32%

Consumers: Individuals seeking local information, reviews, and transactions

This group provides the essential content and drives the demand for advertisers. You need to know their profile to value the traffic. As of September 2025 data, the income profile is strong: 54% of U.S. users report household incomes of $100,000+. Also, 62% of U.S. users have attended college. The intent is high; about 97% of users buy from businesses they find on Yelp Inc., and 93% compare options there before purchasing. Daily engagement is solid, with around 2.5 million people searching on the platform every day.

Here's a quick look at the consumer demographics as of late 2025:

• Monthly active app unique devices: 29 million (2024 average)
• Cumulative reviews posted: Over 308 million
• Users aged 55 and above: 40% of U.S. users
• Users aged 18-34: 25% of U.S. users
• Users who visit a business after looking it up: 92%

Service Professionals: Home services, auto repair, and other high-value categories

This group is a subset of the Local Businesses but represents the highest-growth area for Yelp Inc.'s advertising revenue. The strategic pivot is clear from the growth rates. In 2024, advertising revenue from Services grew by 11% year-over-year, reaching a record $879 million. To be fair, the home services category specifically led this charge, showing a 15% year-over-year revenue growth in 2024. This segment is where management is clearly placing its near-term bets for profitable expansion.

Large Advertisers: National brands and multi-location businesses

While Yelp Inc.'s core is local, larger advertisers are captured within the Services and RR&O buckets. The data shows that average revenue per location reached an annual record in 2024, which often suggests success in upselling higher-tier advertising packages to larger, multi-location clients, even as the total number of paying locations decreased by 5% that year. The company expects 2025 full-year net revenue to land between $1.470 billion and $1.485 billion.

Finance: review the Q3 2025 average revenue per location against the 2024 annual record by next Tuesday.

Yelp Inc. (YELP) - Canvas Business Model: Cost Structure

You're looking at the expense profile for Yelp Inc. as of late 2025, which is heavily influenced by its ongoing AI transformation and the operational costs of a distributed team. The cost structure reflects a shift in spending priorities, moving resources toward technology while maintaining a disciplined approach to sales and marketing spend relative to revenue growth.

The primary cost drivers for Yelp Inc. are personnel-related, embedded within the major operating expense categories. For the nine months ended September 30, 2025, the company reported significant year-to-date expenditures across its core functions. The Cost of Revenue, which includes data center and cloud computing expenses necessary to run the platform, was reported at \$3,238 thousand for the nine-month period. This figure is lower than the total Stock-Based Compensation for the same period, highlighting the non-cash nature of a large portion of the compensation expense.

Technology and Development costs, which the company refers to as Product Development, are a major focus area, supporting the AI transformation mentioned by management. For the first nine months of FY 2025, Product Development expenses totaled \$53,862 thousand. This investment underpins the rollout of features like the Yelp Assistant and voice AI services. Sales and Marketing expenses, aimed at acquiring advertisers and users, were \$21,986 thousand year-to-date September 30, 2025. General and Administrative costs, which cover the infrastructure supporting a fully remote workforce, amounted to \$26,039 thousand over the same nine months.

Stock-Based Compensation (SBC) remains a material component of the overall cost base. For the nine months ended September 30, 2025, total SBC expense was \$105,125 thousand. This aligns with the expectation that SBC for the full fiscal year 2025 is projected to be around 9% of FY 2025 net revenue, which the company guided to be between \$1.460 billion and \$1.465 billion.

Here's a look at the key expense components based on the nine months ended September 30, 2025:

Expense Category	Amount (Nine Months Ended Sept 30, 2025, in thousands)
Cost of Revenue	\$3,238
Sales and Marketing	\$21,986
Product Development (Technology & Development)	\$53,862
General and Administrative	\$26,039
Total Stock-Based Compensation (Included in above)	\$105,125

The operational structure is clearly leaning into technology investment while managing other overhead. You can see the breakdown of the total stock-based compensation across the main expense lines:

• Cost of revenue SBC component: \$3,238 thousand
• Sales and marketing SBC component: \$21,986 thousand
• Product development SBC component: \$53,862 thousand
• General and administrative SBC component: \$26,039 thousand

The company explicitly noted in its Q3 2025 filings that its ability to continue operating effectively with a primarily remote workforce is a factor in its ongoing cost management strategy. This setup helps control traditional workplace operating costs, which were noted as decreasing in prior periods due to reductions in leased office space. Finance: draft 13-week cash view by Friday.

Yelp Inc. (YELP) - Canvas Business Model: Revenue Streams

You're looking at how Yelp Inc. actually brings in the money, which is critical for valuing the business heading into 2026. Honestly, the story here is about the shift from general local ads to specialized, high-value services advertising, all while trying to monetize new AI investments.

Advertising Revenue remains the primary engine for Yelp Inc. The company has seen a clear bifurcation in its advertising performance. Services advertising revenue, which covers things like home and auto repair, was a record $243.8 million in the third quarter of 2025. This is the number you were tracking, and the prompt specified a projected $243.81 million for Q3 2025 Services ad revenue. The growth in this segment was partly fueled by the RepairPal acquisition, which contributed approximately two percentage points to the overall advertising revenue growth in Q3 2025. Conversely, the Restaurants, Retail, and Other (RR&O) advertising segment faced headwinds, declining 2% year-over-year to $113.5 million in Q3 2025.

The overall picture for the full year 2025 shows a slight tempering of expectations due to macroeconomic uncertainty. Yelp Inc. updated its full-year 2025 net revenue outlook to a range of $1.460 billion to $1.465 billion. This was a slight trim from previous guidance, reflecting caution about the fourth quarter. For context, the third quarter of 2025 itself achieved record net revenue of $376 million, which beat consensus estimates.

Here's a quick look at the revenue components from the Q3 2025 results:

Revenue Component	Q3 2025 Amount (Reported)	Year-over-Year Change
Services Advertising Revenue	$243.8 million	+7%
RR&O Advertising Revenue	$113.5 million	-2%
Total Net Revenue (Quarterly)	$376 million	+4%

Other Revenue is where Yelp Inc. is placing strategic bets for future growth, particularly around its AI transformation. Management has explicitly noted expectations for incremental "Other" revenue stemming from new AI initiatives. This includes revenue potential from voice AI products like Yelp Host and Yelp Receptionist, which management sees as contributing to a larger subscription Total Addressable Market (TAM). While specific dollar amounts for data licensing or AI subscriptions weren't detailed in the Q3 2025 reports, the focus on launching over 35 new AI features signals a push to monetize this area beyond traditional advertising.

Transaction fees from partnerships represent another layer of monetization, often embedded within the platform experience. The expansion of the DoorDash partnership is a concrete example, growing the ordering footprint by approximately ~200k restaurants. While the direct fee structure isn't public, these integrations drive transaction volume, which can translate into fees or enhanced advertising value for participating businesses. You should watch for any specific metrics on transaction volume or attach rates in future shareholder letters, as these flow through as either advertising revenue or, potentially, a distinct transaction-based stream.

You'll want Finance to track the split between Services and RR&O advertising closely; that ratio is the purest indicator of near-term business health. Finance: draft 13-week cash view by Friday.