The newest ad space companies are seeking is right inside your car.
Today, the ride-hailing company Lyft announced its new digital advertising plan, Lyft Media. The company is cashing in on the growing market for in-vehicle ads, as cars are now coming equipped with large screens. The announcement comes days after Lyft and its biggest competitor, Uber, announced robust second-quarter financial results.
Lyft outlines its four-fold plan for raising ad revenue and competing against rivals in a blog post.
“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,” the post reads.
The rideshare company made its first digital ad play with the 2020 acquisition of Halo Cars, which makes the rooftop screens that run digital ads. Lyft already uses Halo screens to show location-targeted ads on rideshares in New York City and Los Angeles, and plans to expand to other cities, according to TechCrunch.
In-car tablets will allow riders to track their route, rate and tip drivers, and control the music through Lyft’s partnership with iHeartRadio. Lyft said it plans to launch the service to 25% of its rides in Los Angeles, Chicago, San Francisco, and Washington, D.C., to reach millions of riders by the end of the year.
The company also said that advertising opportunities on its mobile app can help brands reach almost 20 million active riders. Lyft Skins allow advertisers to overlay a customizable branded icon and banner on the screen. Lyft’s ads will also run on bikeshare ad panels and docks, as well as directly on its next-generation e-bikes, says TechCrunch.
