WeWork

WeWork operates as a flexible workspace provider, offering various workspace solutions including dedicated desks, private offices, office suites, and custom full-floor offices. The company monetizes its offerings through a membership model that includes ancillary value-added products and services to enable companies to scale or shrink their workspace on-demand. WeWork takes long-term leases on commercial properties, transforms them with modern amenities, and subleases them to customers on flexible terms. As of March 2024, WeWork emerged from Chapter 11 bankruptcy with a restructured portfolio of approximately 337 wholly controlled locations globally. The company operates across 37 countries, with locations designed to include features such as cafés, private phone booths, meeting rooms, and community spaces. WeWork generates revenue primarily through membership fees, which accounted for 83% of total revenue as of June 2019, with an additional 12% coming from supplementary products and services. In 2022, WeWork reported revenue of USD 3.1 billion with a loss of USD 2.3 billion. The company has transformed its business model post-bankruptcy by reducing its lease obligations by more than USD 12 billion and wiping out USD 4 billion in debt. Software company Yardi Systems acquired majority ownership of WeWork as part of its bankruptcy reorganization plan.

Key customers and partnerships

WeWork's customer base spans from freelancers and small startups to large enterprises, with 40% of its memberships coming from enterprise customers as of 2019. Notable enterprise clients include Microsoft, Facebook, HSBC, Dell, KPMG, Spotify, IBM, and the US Air Force. The company has established strategic partnerships with various service providers, including Chase Bank for banking services, UPS for distribution and delivery, TriNet for human resources, and inDinero for accounting services. In 2024, WeWork launched a partnership with Vast Coworking Group, adding more than 75 workspaces across 50 markets in the US and Canada through its Coworking Partner Network. The company also partnered with Captivate to bring digital out-of-home ads to nearly 200 WeWork locations, and with Doordash as its exclusive delivery partner.