Uber Advertising is attempting to build a whole new advertising market of mobility media, according to Dr. Mark Grether, GM, Uber Advertising, speaking at Possible Miami with Digital Prophet David Shing.
He said that Uber Advertising is now in 30 markets with over 200,000 advertisers and expect revenues of $1billion next year.
“Although we do have retail media opportunities with Uber Eats, we want to create mobility media as a new category. We need to help brands understand how to best use this new space,” said Grether.
He spoke at length about not only the huge amount of first-party data Uber Advertising has access to but the incredibly detailed contextual information on people’s daily lives.
“We know where someone is, we know where they’re going. We have 131 million users with first-party data to create usual experiences.
“We let advertisers, for instance, target someone going to the movies, or to a restaurant. We have Uber Eats, which is very powerful, but that’s only the starting point. We’re now in groceries, giving FMCG advertisers a chance to communicate with our riders.”
Grether said a rider spends on average 20 minutes in the car, providing huge opportunities for advertisers. “Ads are always incredibly relevant as we always know what people are actally doing in the real world,” he said,
In an industry currently obsessed with attention as an ad currency, Grether was also keen to point out that Uber Advertising, on average, gained 10% of a rider’s attention during each journey, an average of, two minutes of a 20-minute ride.