NEW YORK, NY – Ride-sharing platform Lyft is set to introduce advertisements within its app, aiming to establish a more consistent source of revenue, as reported by the Wall Street Journal.
Those ads could soon be seen in cities and towns across New York and New Jersey in the near future.
This strategic move is intended to bolster Lyft’s revenue stream, especially considering its primary focus on ride-hailing services.
In contrast, its larger competitor, Uber Technologies, possesses a more established advertising business, in addition to its ventures into deliveries and freight brokerage.
The introduction of ads aligns with CEO David Risher’s strategy to revamp Lyft’s operations by maintaining competitive pricing, cost-cutting measures, and the potential sale or collaboration concerning its bike unit.
Lyft’s plans include integrating video advertisements within its app. It has partnered with adtech firm Rokt to facilitate the sale of ads, according to Chief Business Officer Zach Greenberger, as stated in the report.
At bike-share stations, Lyft will replace static ad displays with digital screens. Additionally, the company aims to increase the availability of in-car tablets and rooftop displays on its vehicles.