Obi Weekly News August 20th.
Updated: Aug 23
In this week's issue - Uber purchases HKTaxi app, the new Uber TV series, Didi expands despite crackdown, Ola's upcoming IPO, Motley Fool talks Uber/Lyft brand loyalty (or lack of), long wait times continue in London and can ridehailing really make you live longer? (Yes, yes it can).
Top Story: Uber takes another big step into Hong Kong cab market with purchase of HKTaxi app. Uber is still not considered legal in Hong Kong, but this acquisition enables them to get a foot in the door. HKTaxi, which claims access to more than 70,000 registered drivers, has been downloaded 2 million times since 2013. Read the South China Morning Post's story. New Uber TV Show. Hank Azaria will play Apple CEO Tim Cook in Showtime’s anthology series “Super Pumped.” The first season tracks the rise of Uber. This new show is based on Mike Isaac’s book “Super Pumped: The Battle for Uber.” The showtime TV series will focus on former Uber CEO and founder Travis Kalanick. We are very excited to watch this new show when it comes out. It won't be dull, that's for sure. Full story. Motley Fool - Neil Patel explains "Why I'm Still Not Buying Uber or Lyft" and argues "I have minimal brand loyalty. For Uber and Lyft, this turns into a constant struggle to keep users coming back to their respective platforms. " Neil also comments "I only care for the service that will take me where I want to go the fastest and the cheapest." (which sounds like a plug for Obi!). You can read all his rationale here. Who needs an app store? Didi expands despite being banned from app store. Ride-hailing orders on Didi rose 13.1 per cent in July, above the 10.7 per cent growth for the entire market. The numbers confirm that Beijing’s cybersecurity review and emboldened rivals have done little to derail the company’s industry dominance. Read the full story.
Ridesharing helps you live longer (well sort of). Statnews discuss how "Ridesharing can help older people be functionally independent in their homes, communities." Which in our book = longevity. Yes you heard it here first, take a ridehail, live longer. Ola's IPO. India’s ride-hailing firm Ola set to go public ‘sometime next year,’ CEO says. Plum Wood Investment, an affiliate of global private equity firm Warburg Pincus, and Singapore state investor Temasek are planning to invest $500 million into the company ahead of its IPO. Full story. In other news: Elizabeth Windram joins ride-hailing brand as global head of mobility marketing. Read the full story here. Uber partners with GetUpside to offer promotions to drivers. Full story. And finally -London wait times and cancellations. Price and wait times continue to remain high. Londoners especially are feeling the pinch with surge pricing, long wait times and cancelations. Social media is littered with examples of people complaining. Uber is planning to add 20,000 drivers in London but with the High Court ruling it has to offer benefits and holiday pay, the company increased commissions from 20% to 25%. As a result many drivers are taking more lucrative jobs elsewhere. So recruiting people back may not be so easy. One thing is for sure, higher prices are here to stay, regardless of driver numbers.