Fiverr (FVRR -0.83%) got its name by charging customers five dollars for tasks completed on the platform. But now, the company has moved beyond that to enable freelancers and gig workers to serve companies large and small on projects of any size. On a Fool Live episode recorded on May 12, Fool contributors Toby Bordelon and Brian Withers discuss the company's latest results and what needs to happen to have this gig work platform be a market-beating stock over the long term.

Toby Bordelon: Let's next move into Fiverr. Fiverr International, they reported recently, and it was good. Revenue growth, 100 percent year-over-year. When I see someone doubling revenue in a year, that's awesome, I like to see that, that's good stuff. Active buyers up 56 percent, 3.8 million on the platform. But more than the numbers, you spend per buyer, $216 versus 177 last year, that's 22 percent increase. More people are coming and the people that are there are spending more, all good. They increased guidance, they're working at about a little bit of an increase, 63 percent revenue growth for this coming fiscal year. Not a double, but 63 percent is still good, that's solid.

The big thing here though was beyond the numbers. I had a friend over a couple of years ago before was a public company, used Fiverr to pump up for the announcements or whatever from celebrities, it was cool. But they're moving beyond that now, they're moving beyond the one-off tasks and more into long-term projects, and you see that in what they announced this quarter.

They have something called milestones, which allows for longer-term projects, pay as you go when certain things are completed, and then they have something called subscriptions, which allows you to get repeated monthly payments for a project and get that setup. They are becoming more competitive with someone like Upwork with these things. They're becoming more of a legitimate, long-term gig platform. I think they give some of these other companies a run for their money. I know at the Fool, we use Upwork, I think three of us are on Upwork. But Fiverr moving into that space, so you could see some more competition with these platforms going forward. Good to see, really solid quarter from them.

Brian Withers: Awesome, Toby, great update. We're playing fill in the blank today. Fiverr needs to blank over the next five years to be a market-beating stock.

Toby Bordelon: I'm going to go with an answer here that is not necessarily under Fiverr's control, but Fiverr needs to have the gig economy remain strong for them to become a market leader over the next five years, that's key.

We've seen some stuff regulatory-wise from California and now in New York, talking about reclassifying contractors as employees in some instances. If everything goes that way, I think that would be a problem for Fiverr. They need to have people still be able to put multiple gigs together and have that flexibility and work for multiple different people, not just one employee. If all you do is work for one employer, you don't need Fiverr.

But if you're an employer who has a lot of contractors working for different things, it's a great platform. Gig economy is where it's at and they need that to really keep pushing forward to do well over the next five years, I think.