Forget the aux cord… Soon you’ll be able to control music in Lyft rides without nervously asking your driver — but you’ll have to watch ads. Yesterday, Lyft announced Lyft Media, a new unit focused on advertising. Ride-hailing demand has roared back to life, and Lyft wants to monetize users’ eyeballs:
Wienermobile ETA… Two years ago, Lyft bought Halo Cars, a startup that makes car-top screens. Since then, Lyft has grown its marketing biz by putting ads on car roofs, bike-sharing docks, and in its app. Think: Oscar Mayer Wienermobiles moving on the Lyft map instead of a car. It’s good timing to appeal to advertisers:
The route less traveled by may make the difference… While Lyft has stayed narrowly focused on rides, Uber has grown its Eats biz into one of the largest food deliverers (and has expanded to everything-delivery). But now Lyft could capitalize on its strength: riders’ eyeballs. While Uber also sells ads, it hasn’t built an ecosystem like Lyft’s. But this month Uber said it planned to expand its ad biz — and that it could hit $1B in revenue by 2024.