Uber looks to boost digital ad revenue with new advertising division – Reuters

Oct 19 (Reuters) – Uber Technologies Inc (UBER.N) has launched a new advertising division as the ride-hailing firm looks to diversify its revenue sources through tie-ups with brands and marketers.
With a reach of 122 million monthly active users globally, the company said on Wednesday it will sell ad space inside its ride-hailing and UberEats apps, along with in-vehicle digital ads, sponsored mails and storefront ads.
"While consumers are making purchase decisions and waiting for their destination or delivery, we can engage them with messages from brands relevant to their purchase journeys," said Mark Grether, general manager for Uber's advertising division.
The launch follows a similar move by rival Lyft Inc (LYFT.O) in early August, as the barely profitable ride-share companies look for alternate sources of income.
Uber, which entered the ad business in 2019, has said it aims to reach $1 billion in advertising revenue by 2024. read more
Meanwhile, a U.S. proposal last week that would potentially deter gig workers from being treated as independent contractors is also set to push up costs for companies such as Uber and Lyft. read more
Our Standards: The Thomson Reuters Trust Principles.
Shares of Tencent Holdings , the world's largest gaming company, and smaller rival NetEase Inc rose on Wednesday after China's video games regulator granted the first gaming licences in 2023, further easing an industry crackdown.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved


Leave a Comment