Uber & Lyft Accelerate Product Innovation

Key Takeaways:

• Rideshare apps, Uber and Lyft, both saw MAU growth in 1Q24 of 8% and 3% YoY, respectively, though for both apps, this was a sequential deceleration from 4Q23 and 1Q23

• Expansion into new markets has supported Uber and Lyft’s MAU growth, with Uber commenting on continued penetration into developing markets like Argentina, while Lyft called out strength in Canada

• Both Uber and Lyft commented on their 1Q24 earnings conference calls that there has been significant growth in their advertising businesses, particularly as they have a captive audience, making their networks appealing to advertisers

  • Sensor Tower data indicates that Uber’s ad business grew total impressions in the US by more than 83% QoQ in 1Q24

• On May 7th, Uber announced its strategic partnership with Instacart, whereby Instacart customers can use its app to order from thousands of restaurants (powered by UberEats)

  • Sensor Tower data shows that almost a third (31%) of US Instacart users opened Uber Eats in 1Q24, while ~44% of US Instacart users also opened the native Uber app through that same period. This signals a material and present interest in ordering via restaurant delivery apps among Instacart users

  • The relationship also provides Uber with additional access to a plethora of demos that it is currently underexposed in. Sensor Tower data shows that 2/3 (~66%) of US Instacart users in 1Q24 were female, compared to ~42% for Uber Eats. Furthermore, 29%, 13% and 4% of US Instacart users in 1Q24 were in the 35-44, 45-54 and 55+ age demographic, respectively, compared to 20%, 8% and 3% for Uber Eats during the same period

For more information, request the full report from reports@sensortower.com.