In New York, the Taxi Medallion has the right to operate the Yellow Cab .
Since 1937, the New York City government has established an official taxi licence and medal system to control the city’s taxi licenses at a rate of around 13,000. In the past 70 years, the number of taxi licenses that have been strictly regulated has not fluctuate much.
On October 6th, on the nycitycab.com website, the taxi licence medal open price was $250,000. In 2014, a license medal costs up to $1.3 million.
The gradual decline in the taxi industry is largely due to the rise of Uber and Lyft taxi application software.
According to data from Bank of America Merrill Lynch, Uber and Lyft are gradually "killing" traditional taxis. Bank of America Merrill Lynch found that spending on traditional taxis continued to decline despite the overall surge in the use of taxi/limousine services, which was observed through the monthly consumption of all US bank customer debit and credit cards.
Bank of America Merrill Lynch US Economist Michelle Meyer mentioned in a report to clients on Wednesday
After accounting for this data, we can see that the spending of credit cards and debit cards on standard taxis and luxury car companies has decreased, which means that disruptors have occupied market share.
In addition, Bank of America Merrill Lynch believes that Uber, Lyft, and other taxi application platforms have changed the way people pay for taxis and convert cash into bank cards. Meyer said
Probably because these disruptors have changed the way people pay—from using cash to using credit cards—the market share of disruptors has grown dramatically.
Morgan Stanley analysts said in July that in New York, the number of taxis is still far ahead of Uber and Lyft vehicles. However, in April 2016, the proportion of using taxis decreased from 84% in the same period last year to 65%.
In addition, Morgan Stanley analyzed that although people in New York travel far more often than taxis using Uber or Lyft, comparisons between April 2015 and April 2016 reveal that people use taxis every day to travel. The number of trips dropped by 9%, while the number of Uber and Lyft trips increased by 121% and 871%, respectively.
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