Lyft — the popular ride-sharing service — has launched Lyft Media, a media and advertising platform.
Lyft is one of the leading ride-sharing services and sees an opportunity to expand its own advertising business and help partner brands reach more consumers. As the pandemic wanes, people are traveling more, opening the door to increased opportunity.
“Our vision is to build the world’s largest transportation media network, delivering value to advertisers while also elevating the platform experience for riders and drivers,” reads the company’s blog. “Over the past two years, we’ve been growing our media business and are excited to share more details about our products, new partnerships, and future plans.”
The company’s plan revolve around four advertising channels: Lyft Halo, Lyft Tablet, Lyft Bikes, and Lyft Skins.
Lyft Halo consists of rooftop-mounted screens that can display digital advertising. The concept is built around Lyft’s 2019 acquisition of Halo Cars.
Rather than generalized ads, Lyft Halo will display ads specifically tuned to the time of day and vehicle’s location, maximizing possible engagement. Brands will be able to track the performance of their ads, thanks to Lyfts attribution partners.
Lyft Tablets are in-vehicle tablets that provide passengers with a way to monitor the progress of their journey, control the vehicle’s music, pay and tip the driver, and engage with partner branding.
In the company’s pilot program, “1 in 4 engaged with the tablet during their ride, and 98% rated the experience as positive or neutral. And for drivers, tips increased by an average of 28% per ride while using the tablet in Q4 2021.”
Lyft Bikes provide an easy way for customers to rent a bike rather than a traditional vehicle. Lyft is installing display panels at the bike stations, providing partners yet another way to engage with consumers.
The company already has 3,000 stations, 45,000 bikes, and serves 36 million rides annually, providing a significant opportunity to advertisers.
Lyft Skins provides a way for brands to interact with consumers via the Lyft App itself. DoorDash, Starbucks, HBO Max, Marriott, and Google are just a few of the brands that have already benefited from this channel, and the company is bringing more companies and brands onboard.
Lyft is clearly looking to capitalize on its position in the ride-sharing market to become a digital platform that provides value to consumers and brands alike.