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Growth was phenomenal; in January 1997 the site hosted 2,000,000 auctions, compared with 250,000 during the whole of 1996.
The company officially changed the name of its service from Auction Web to e Bay in September 1997.
e Bay generates revenue by a complex system of fees for services, listing product features, and a Final Value Fee for sales proceeds by sellers.
Reportedly, e Bay was simply a side hobby for Omidyar until his Internet service provider informed him he would need to upgrade to a business account due to the high volume of traffic to his website.