May 31, 2022 · less than 3 min read
Uber and Lyft ain’t lookin’ so pretty these days.
What’s that line from The Dark Knight? “You either die a hero, or live long enough to see yourself become the villain.” Well, it could well be that Uber and Lyft have had their time as the goodies.
If you’ve tried your luck at ordering yourself a cab on one of their apps recently, you may have noticed that it’s either more expensive, or tough to even get one at all. With fares at all-time highs, rides are plummeting – and the business model isn’t particularly set up to deal with the heat.
Show me the money
Where is it all going wrong for the cab ride companies? In short, they got greedy. After going public with market capitalizations in the tens of billions of dollars – despite never coming close to making money – they’re now trying to claw things back with the high prices. But while Uber and Lyft might have the lion’s share of app cabs, they’re forgetting that there are other transport options out there. With the cost of living going up, everyone is feeling the pinch – and plenty of us are willing to hop on the bus or a bike instead of waiting around for their taxi ride. And with the emergence of e-scooters as another cheap, viable alternative, a costly cab is becoming an increasingly unattractive option.
With huge overheads, some of their strategies to make a few bucks reek of desperation. Ridesharing? Like we haven’t heard that one before. Uber is now offering an arm of friendship to black cabs, while another strategy is to move back into the luxury ride market – back where Uber began. Whatever is next though, it needs to be good. Really good. Otherwise, it may be the beginning of the end.
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