Lyft wants to cash in on in-car digital ads

Lyft announced the launch of Lyft Media, a new digital advertising business unit with the potential to add billions to its bottom line.

The company announced on his blog Monday that Lyft Media will help capitalize on the rapidly growing in-car digital ad market as cars become more connected, often with multiple, larger infotainment screens. The newly created business unit will also maximize Lyft’s revenue through its mobile app, rooftops and bikes.

The news comes just days after Lyft and its biggest competitor, Uber, both reported impressive second-quarter financial results.

Related | TikTok is testing a new way to stay engaged: video games

Lyft knows that advertising activity can be a solid way to increase results. Uber, which entered the media business in 2019, first through UberEats and later through its rooftops and ride-sharing app, says its advertising business could hit $1 billion in revenue by 2024.

Lyft’s blog post outlines a four-pronged plan to grow ad revenue and compete with rivals.

“Our vision is to build the largest transportation media network in the world, delivering value to advertisers while enhancing the platform experience for passengers and drivers,” the post read.

According Techcrunch Lyft made its first digital ad with the 2020 acquisition of Halo Cars, which makes the roof screens that play digital ads. The company is already using Halo displays to display location and time-targeted ads on some of its rideshares in New York, Los Angeles and Washington DC with plans to expand to other cities.

Lyft also displays ads on in-vehicle tablets that allow passengers to track their route, rate and tip drivers, and control music through Lyft’s partnership with iHeartRadio. Lyft said it plans to roll out the service to 25% of its trips in Los Angeles, Chicago, San Francisco and Washington DC to reach millions of riders by the end of the year.

Finally, the company also sees its mobile app as a channel that can help brands reach nearly 20 million active users, as well as its bike-sharing billboards and docks, as well as directly on its e-bikes from new generation.

Lyft said a portion of the revenue generated from in-car ads would be shared with its drivers, but did not specify how much or what percentage drivers would get.

Lyft Media in-car tablets

lyft multimedia bike sharing

you might also like


More Tech

Amazon Alexa mimics the voices of your deceased loved ones

Amazon is testing an experimental Alexa feature that lets it mimic the voices of your deceased loved ones. Read it…

Adobe Announces Express Content Planner

Adobe has announced Adobe Express Content Scheduler, a new tool to help social media managers create, schedule, preview and publish…

Tech companies team up to free us from passwords

Apple, Google and Microsoft commit to expanding support for the FIDO standard to deliver a passwordless future.

Stripe Now Lets You Buy NFTs Without Having To Own Crypto

Stripe has unveiled a new suite of services that includes the ability to buy cryptos and NFTs with fiat currencies.

Spotify’s car is now officially available in the US

The 4-inch touchscreen and voice-activated device is designed for older car models that lack in-dash touchscreen infotainment systems.

OpenSea brings verified customer service to fight Discord scammers

NFT market leader OpenSea has teamed up with Metalink to root out hacks on its Discord.

MultiNFT Launches New Token Ahead of VR Gigs at Decentraland

$MNFT can soon be used to access MultiNFT’s 24h Rage nightclub in Decentraland’s iconic festival district, where it has a…

Shiba Inu creators are working on a metaverse for the meme

The developers of the meme room have given us a glimpse of what the world of the Shiba Inu metaverse will look like…

Jaguar Land Rover is integrating Alexa into its new vehicles

Jaguar Land Rover adds Alexa to its latest software update, allowing drivers to control navigation and music, make calls, manage…