Ridesharing company Lyft is set to begin displaying advertisements in its app as a means of boosting its revenue. This comes after the company looks to realize its ambitious Q3 financial forecast following its stable second-quarter earnings report one day earlier.
Primarily a ridesharing service, Lyft is looking to new sources of income in an effort to remain competitive with larger rivals such as Uber Technologies, which has a more mature advertising business while also offering deliveries and freight brokerage.
In addition to its in-app advertising, Lyft plans to replace the static displays at its bike-share stations with digital screens while increasing its volume of in-car tablets and displays on the top of cars.
The advertising business is also expected to assist the ridesharing company to drive revenue while keeping prices stable. The company is also looking into the potential sale or strategic partnership for its bike unit.