Lyft strengthens its advertising strategy with new CEO David Risher and also introduces its new "Halo" service
Lyft, the ride-sharing company, steps up its advertising strategy under its new CEO, David Risher, while also introducing a new service called "Halo."
The company has launched new ad products, including display ads in its app for customers at all stages of their journey. Soon, they plan to incorporate video ads. They are also expanding advertising into other areas, such as in-vehicle displays.
Lyft hopes to leverage its high number of users, who check the app an average of nearly nine times per ride, to attract advertisers. The company will use anonymous and aggregated data, including payment methods and travel histories, to target ads.
Lyft plans to share part of its ad revenue with drivers to attract more drivers to the platform. While Uber leads in market share, Lyft is looking to differentiate itself with its focus on multimodal transportation.
Lyft has also launched "Halo," an additional service that offers passengers enhanced security options such as identity verification and driver background checks. This reflects Lyft's commitment to rider safety and could attract more safety-conscious riders.
Lyft's advertising revenue grew 400% year-over-year in the second quarter, but the company has not disclosed specific numbers. By comparison, Uber aims to hit $1 billion in ad revenue by 2024.
Lyft is working with partners like smoke and Kantar to strengthen their advertising strategy and offer metrics to advertisers. It also plans to allow various brands buy ads at different stages of the user journey going forward.
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