This article from Business Insider shows what these two representatives of disruptive technologies are doing to the price of a New York City “medallion” or taxi license.
In 2014, a medallion was listed for sale for 1.4 million dollars. Early this month, a medallion — basically the right to operate a yellow cab in New York — was listed for $250,000 on nycitycab.com.
Medallions are tightly regulated, and you cannot operate a taxi in New York without one. They’re losing value with the cab business taking a hit amid the rise of rideshare apps like Uber and Lyft.
Notably, although taxis are still beating Uber and Lyft in New York City, the share of trips shrank to 65% in April 2016 from 84% in April 2015, according to charts shared by Morgan Stanley analysts in July.
As a percentage of dispatched trips, conventional taxis have dropped by 9 per cent, while growth of dispatched trips are in the triple digits for Uber and Lyft. Will Uber and Lyft have the same impact in the Metro Vancouver market?