The ride-hailing company Lyft (NASDAQ:LYFT) saw significant growth in the fourth quarter of 2023, thanks to stadium rides to the successful tours of Taylor Swift and Beyoncé.
What Happened: The ride-hailing company Lyft saw a more than 35% increase in stadium rides in 2023, largely driven by the concerts of Swift and Beyoncé, The Guardian reported on Tuesday. This surge in stadium rides and improvements in airport pickups contributed to the company’s growth.
This came after Uber Technologies Inc CEO Dara Khosrowshahi also confirmed the existence of the "Taylor Swift effect," acknowledging the significant boost in business during the artist's concerts. "Uber definitely ups its game for Taylor when she comes to town," Khosrowshahi said earlier this month.
Lyft’s CEO, David Risher, who took over last year, led the company through a restructuring plan that included layoffs and the removal of management layers. These changes aimed to drive the company towards profitability. Lyft laid off 1,200 employees in April and decreased overall costs by 12%.
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