UBER - Uber Stock Slides at Close as Establishes Journey Ads to Promote the Expansion of Its Advertising Business
Uber stock price closed on Wednesday at $27.53 on October 19 at 04:00 PM EDT
Uber ( NYSE:UBER ) has introduced Uber Journey Ads , a specialized advertising subsidiary, under the direction of Dr. Mark Grether, a seasoned business leader.
In order to insert brand content on the Uber and Uber Eats apps, Uber Journey Ads will employ first-party data and insights from the company’s mobility and delivery operations.
Uber has already teamed up with more than 40 well-known companies to launch Journey Ads. NBCUniversal, Heineken, and United Artists Releasing are a few of these.
Uber claims that partners like Shake Shack have already noticed an increase in engagement, return on investment, and customer acquisition. Journey Ads will include prominently located sponsored listings across Uber Eats.
Along with a tablet advertising test, it also consists of sponsored emails sent to users of Uber and Uber Eats, homepage billboards, post-checkout ads, storefront ads, menu ads, and digital out-of-home car top ads.
Says Grether, “We can keep these customers interested in our brands by sending them messages that are pertinent to their purchasing journeys as they decide what to buy and wait for their destination or delivery. The 1.87 billion journeys made in the previous quarter indicate that we can connect advertisers with consumers on average five times per month for rides and deliveries.”
Developments behind movement on Uber stock
When Uber entered the market in 2019, it aimed to generate $1 billion in advertising revenue by 2024, reaching 122 million monthly active users globally. Competitor Lyft (LYFT), which runs advertisements on top of cars in Los Angeles, New York City, and Washington, D.C., has also established an advertising business unit called Lyft Media. Additional announcements regarding this unit are expected “soon.”
Since the pandemic affected how people shop for food, prescription medications, and other consumer goods, Uber has placed a strong emphasis on delivery....
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