MMM: Uber and Lyft Q2 2024 Earnings Results and Advertising Trends; Insurance App Advertising and User Growth Trends

Key Takeaways:

• Uber and Lyft reported double-digit YoY growth across key metrics in 2Q24, as ride-share demand remained strong

  • Uber’s MAPCs grew 14% YoY in 2Q24, in line with ST MAU estimates for the Uber app (+10% YoY), as it strategically shifted its social advertising efforts to prioritize rider acquisition, effectively increasing the proportion of power users

  • Lyft reported record-high driver hours in 2Q24, in line with ST data on user engagement. The data showed a 29% YoY increase in total time spent on Lyft’s driver app and a 21% YoY rise in total session count in 2Q24. This growth could be attributed to Lyft’s focus on targeting driver acquisition in its social advertising efforts

• ST data indicates that GEICO was the sole brand to pull back on its US ad spend by -25% YoY in 1H24, with the broader insurance cohort increasing spend by 55% YoY for the same period. Progressive’s 2Q24 earnings highlighted the company’s commitment to advertising and ST data shows US ad spend increased by 80% YoY, making it the largest advertiser across the cohort with 27% paid share of voice

• GEICO started to decrease its US digital ad spend in 2023 and has seen commensurate declines in both paid SoV and US MAUs, the latter of which declined consecutively on a YoY basis since 1Q21. GEICO is the only brand across the cohort experiencing such steady declines

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