Lyft has created a new business unit to beef up its digital advertising business across its tablets, mobile app, rooftops and bicycles, producing the potential to add billions of dollars to its bottom line.
The ride-hailing company announced on its blog Monday that Lyft Media will help cash in on the growing market for in-vehicle digital ads, as cars become more connected and begin to feature multiple, larger infotainment screens. The announcement comes days after Lyft and its biggest competitor, Uber, announced robust second-quarter financial results.
Both face increasing competition for location-based advertising. Uber, which entered the ad business in 2019 via its UberEats app before rolling out ads across its rooftops and ride-hailing app, said its advertising business could reach $1 billion in revenue by 2024.
Lyft’s blog …
