The world-renowned car-hailing service company, Uber has hinted that the company will establish a corporate advertising division “Uber Journey Ads” that would allow businesses to connect with customers throughout their ride experience.
Investors King understands that Uber is planning on expanding its revenue generation by leveraging on its 122 million global active users that make 2 billion trips per quarter.
Upon commencement of the Uber Journey Ads, Uber will be competing with Netflix, Disney, and Amazon which had earlier jumped on paid ads. The company will also be competing with Google and Apple Incorporated, both of which are age-long players in the global digital advert industry.
However, Uber Journey Ads will be powered by the data at the disposal of the company. The yet-to-be-launched Uber Journal Ads could exploit unique insights on customer lifetime travel behaviours and trip-specific destinations to its advantage.
For instance, with the exploitation of customer lifetime travel behaviour, Uber can easily identify a user who spends quality time going for cloth shopping and therefore displays ads to suit that specific purpose.
Moreover, this could reduce unwanted creepy ads when compared with other players in the industry because Uber knows who you are and where you’re going.
As it is with Netflix ads, Uber’s new ad business chief, Mark Grether, claims that the addition of ads would ultimately make rides cheaper for consumers. However, he declined to say how much obviously because of the conflict such statement could generate.
Experts have argued that Uber used the notion of supply and demand to determine its price. They wonder how the company will bring down its charges while using the force of supply and demand.
Additionally, it would be unfair to customers who after paying for premium service are likely to be constantly bombarded with unsolicited ads.
In 2021, Uber started testing its display ads in its ride-hailing application. According to the company’s ad chief executive, Mark Grether, the goal of the company is to grow its advertisement business into a “$1 billion-plus revenue opportunity by 2024.”
IBEDC Disconnects UCH Over N500m Debt, Critical Services Affected
The University College Hospital (UCH) in Ibadan, Oyo State, experienced a disruption in its power supply after the Ibadan Electricity Distribution Company (IBEDC) disconnected the hospital over a debt amounting to N500 million.
Dr. Jesse Otegbayo, the Chief Medical Director of UCH, confirmed the disconnection but refrained from elaborating on the exact cause.
IBEDC’s spokesperson, Busolami Tunwase, acknowledged the outstanding debt owed by UCH but denied that the disconnection was intentional.
Tunwase stated that while UCH owed the substantial amount, the power outage was due to a technical fault in the area, coinciding with the debt situation.
Despite repeated attempts to engage UCH in discussions to settle the debt, IBEDC had resorted to disconnection as a last resort.
The disconnection poses significant challenges to UCH’s critical services, affecting patient care and hospital operations.
While IBEDC emphasized its understanding of the hospital’s importance and commitment to resolving the issue amicably, the situation underscores the financial strains faced by healthcare institutions and the essential need for reliable power supply.
Efforts to negotiate and find a resolution between UCH and IBEDC are ongoing to restore normal operations and ensure uninterrupted healthcare services.
Oil and Gas Dealers Threaten Withdrawal as 70% of Downstream Businesses Collapse
The downstream oil sector in Nigeria faces a looming crisis as oil and gas dealers, represented by the Natural Oil and Gas Suppliers Association of Nigeria (NOGASA), issue a stern warning of potential service withdrawal.
In a recent resolution following their executive committee meeting in Abuja, NOGASA expressed grave concerns over the collapse of approximately 70% of businesses in the industry due to the harsh operating environment.
President of NOGASA, Benneth Korie, highlighted the dire situation, emphasizing the challenges faced by oil marketers in funding operations amidst soaring bank interest rates.
Korie underscored the overwhelming burden faced by operators who are compelled to acquire funds at exorbitant interest rates upwards of 30%, exacerbating financial strain and hindering business viability.
The primary demand voiced by NOGASA is the pegging of the foreign exchange rate at N750/$ to facilitate refinery operations and stimulate the production of refined products domestically.
Failure to address these pressing issues, Korie warned, could result in the withdrawal of services by NOGASA’s over 200 members starting from the next month.
The downstream oil crisis coincides with heightened anticipation for the release of refined petroleum products from the Dangote and Port Harcourt refineries, seen as critical for alleviating supply shortages nationwide.
However, amidst forex crises and inflationary pressures, operators in the oil and gas sector confront mounting economic challenges, necessitating urgent government intervention.
As Nigeria navigates through turbulent economic waters, stakeholders eagerly await decisive action from authorities to salvage the downstream oil sector from imminent collapse and avert potential disruptions in fuel supply chains.
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