Uber has been fun to watch. And even though the company did hire a crony of its own recently to deal with urban politicians looking to shake down the company, Uber is still a very good free market story. It’s busting up government sponsored taxi regimes in cities all over the world and generally providing a much higher quality product than the old taxi companies were. It’s putting the heat on politicians and transit unions. (When the BART workers struck last year it was Uber and similar services which came to the rescue of commuters.) It is creating value.
(From The Business Insider)
According to Uber CEO Travis Kalanick, who spoke at the DLD Conference in Munich on Sunday, the taxi market in San Francisco is about $140 million per year.
Uber’s revenues in San Francisco, meanwhile, are running at $500 million per year.
That’s more than three times the size of the taxi market.
And Uber’s revenues in San Francisco are still growing at about 200% per year.