Lyft to display ads in app in effort to boost revenue
Reuters
Published Aug 10, 2023 07:13AM ET
Updated Aug 10, 2023 09:00AM ET
(Reuters) -Ride-sharing platform Lyft (NASDAQ:LYFT) will start displaying advertisements on its app, the company said in a blog post on Thursday as it looks to create a more stable source of revenue.
The move will help Lyft, whose business is completely dependent on ride-hailing. Its larger rival Uber Technologies (NYSE:UBER) has a more mature advertising business along with deliveries and freight brokerage.
It will also boost CEO David Risher's plan to turnaround Lyft by maintaining competitive prices and cutting costs, as well as through a potential sale or strategic tie-up for its bike unit.
Lyft said it has also partnered with adtech company, Rokt, to sell advertisement. Its advertising partners include Bilt Rewards, Amazon.com (NASDAQ:AMZN)'s Audible and Comcast (NASDAQ:CMCSA)'s Universal Pictures.
Drivers can also benefit from having an in-car tablet from Lyft Media in their ride, the company said, adding that they can request for the gadget, which will boost their earnings with ad revenue and more tips.
Lyft shares were up about 1% in premarket trading.
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Written By: Reuters
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