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Uber plans to boost digital ad...Uber’s rival app Lyft Inc. launched a similar move in early August
The ride-sharing app Uber Technologies Inc. is planning to launch a new advertising division as it is looking for ways to diversify its revenue sources through tie-ups with marketers and brands. The company has a reach of 122 million monthly active users globally. Uber is planning to sell ad-space inside its ride –hailing inside its UberEats and ride-hailing apps, storefront ads and sponsored mails. Mark Grether, general manager for Uber's advertising division said, "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.”
Uber’s rival app Lyft Inc. launched a similar move in early August. The move is a popular method used by companies for alternate sources of income. Uber aims to reach $1 billion in advertising revenue by 2024.Meanwhile,a proposal was initiated last week that is capable of deterring gig workers from being treated as independent contractors, the move is also set to raise the costs for companies such as Lyft and Uber.