"While Etsy has yet to make a profit, citing its high development costs, it has been able to bring in a steady revenue by charging merchants to both list their goods and sell them."

High development costs for what?
It's a basic storefront.....it's not like they have broke any new ground here and done anything innovative.
A bunch of CS students at any college could have made their website and app..........

WHERE DID ALL THE MONEY GO?