Uber Technologies:
The ride-hailing company, Uber Technologies, has established a new advertising business as it seeks to diversify its revenue streams through partnerships with brands and marketers.
UberEats Applications:
The firm announced on Wednesday that it will offer ad space inside its ride-hailing and UberEats applications, as well as in-vehicle digital ads, sponsored mails, and retail ads. The company has 122 million monthly active users worldwide.
Uber's Advertising Business:
According to Mark Grether, general manager of Uber's advertising business, "we can engage consumers with communications from companies relevant to their purchasing journeys while they are making purchase selections and waiting for their destination or delivery."
As the marginally profitable ride-share businesses search for new revenue streams, the debut comes after a comparable action by competitor Lyft in early August.
Advertising Market:
Uber, which entered the advertising market in 2019, has stated that it hopes to generate $1 billion in income from advertising by 2024.
In the meantime, a recent U.S. proposal that could prevent gig workers from being classed as independent contractors is also expected to increase costs for businesses like Uber and Lyft.
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