Get marketing news you’ll actually want to read
The email newsletter guaranteed to bring you the latest stories shaping the marketing and advertising world, like only the Brew can.
Lyft introduced a slate of new ad options on Thursday as part of an effort to diversify revenue and compete with the likes of Uber, which also has a burgeoning advertising division.
Users will see ads on the app when they match with a driver, on the ETA screen, and during the trip. Ads can be targeted according to the user’s destination; for instance, someone heading to a location near a movie theater may be served an ad for a new film, according to Lyft. Marketers can target customers using first-party data like ride history, payment method, or “lifestyle,” it noted.
The company’s in-app advertising builds on the other inventory it offers to marketers, like screens atop cars, on in-car tablets, or at bikeshare stations. According to Lyft, it offers advertising on in-car tablets in 12 markets, on digital screens in cars in five markets, and in four bikeshare markets.
Through a partnership with data insight firm Kantar, Lyft will share info with advertisers to help them track metrics like purchase intent and brand awareness. Lyft is also collaborating with ad-tech company Rokt to serve in-app ads.
For their part, drivers can receive some of the revenue generated by ads on in-car tablets, according to Lyft, though it’s not clear how much.
Advertisers that have worked with Lyft include Audible and Universal Pictures. The rideshare company plans to roll out in-app video ads soon.
The company’s ad push comes after a strong Q2 earnings report earlier this week, during which it touted 18% growth in rides year over year and an uptick in revenue. Earlier this year, Lyft brought on David Risher as CEO, replacing co-founder Logan Green. In June, Dominic Carr, the company’s EVP of communications and marketing, departed.
The brand formally debuted its media division last August. It’s not clear how much revenue it’s made to date, but during the earnings call, CFO Erin Brewer said it’s “a relatively small business,” though she noted that “it’s up four times the level of what it was in the prior year, and I think has broader opportunities for growth.”
Read the full article here
