The Struggles of New York City’s Taxi King
Bloomberg Business takes an in depth look at the affect TNC companies (like Uber) are having on the taxi scene in New York City. Gene Freidman holds the most NYC Medallions. He owns 860 cabs in the greater NYC area but operates well over 1100 vehicles. TNC's like Uber have had a profound negative impact on the taxi business, not only in NYC. Freidman states in the interview that he feels as though he is under siege and has a target painted on his back.
Although the affect in Myrtle Beach, SC is no where near as monumental as the affect seen in NYC, local taxi businesses are still feeling the pressure. In the last few weeks alone, a number of companies have begun selling their medallions and getting out of the business altogether. While the taxi industry does not drive Myrtle Beach's industry, it is a staple on the Grand Strand and employs a few hundred Myrtle Beach locals.
According to the Bloomberg Business article, "Uber is generating an operating loss of 470 million dollars versus revenue of 415 million dollars." How does a company intend to establish themselves as not only a leader in transfer service but also a staple in a community when they are hemorrhaging money at every turn?
Will Uber survive? We don't really care!
Will the taxi industry survive Uber's onslaught? The good news is... TOP TAXI isn't going anywhere!!