As the number of drivers for services like Uber and Lyft increased over the past five years, the average earnings of those drivers were cut in half. The JP Morgan Chase Institute reports that the average earnings of a ride-hailing app driver in March was $762, compared to $1,500 five years earlier. During that period, there was a 20-fold increase in the number of households reporting earnings from transportation apps, according to The Wall Street Journal.
Senior Vice President, Newmark Valuation & Advisory, Hospitality, Gaming & Leisure
Here is an interesting read from the The Wall Street Journal about the change in incomes of those providing ride-sharing services like Uber and Lyft over the past several years. There are some statistics on the average income made by other platforms like Airbnb and eBay. #Economics #PeerToPeer https://lnkd.in/eekKgSj
As the gig economy continues to grow, it'll be interesting to see if new regulations come about that give more earning power to Uber and Lyft drivers. While it would appear on the surface that employees of two cultural foundations for #millennials earning more would be a positive, the threat continues to exist for the ride share industry to become more similarly priced to taxi companies and bottle-necked by regulations. Ride share companies are not likely to drastically increases their drivers' wages on their own, and have already experienced pressure from local and state governments to face the same regulations that taxi companies are currently facing. Ride share employees, ultimately the backbone of their companies, span a wide array of demographics and are a prime example of people simply looking to make ends meet. This is not to suggest that a strike is imminent giving their current earnings trajectory, but that with these services becoming more and more mainstream that ride share employees need to have these jobs make financial sense. https://lnkd.in/e78xrWN
Marketing Strategist | Scaling Growth-Ready Brands to 7-8 Figures with Profit-Driven Strategies | Fractional CMO
Uber drivers and other gig economy workers are earning half what they did five years ago More people are working for ride-sharing and delivery companies but on average they’re making less. The gig isn’t as good as it used to be for people working through online transportation apps in the U.S. On average, drivers who transport people (Uber or Lyft) or things (Uber Eats or Postmates) through an app made 53 percent less in 2017 than they did in 2013, according to a new study by the JPMorgan Chase Institute that looks at online gig economy payments into Chase checking … https://www.recode.net/