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Metro Vancouver taxi companies launch court challenge against Uber and Lyft

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After Uber and Lyft officially launched in Vancouver last week, a collection of cab companies in the region have now filed a legal challenge against both ride-hailing operators.

“As the experience in other jurisdictions conclusively establishes, ride-hailing services, or Transportation Network Services (TNS) … have had an extremely harmful impact on participants in the taxi industry,” the petition reads.

The petition states that the “cornerstone of the taxi industry” is the fact that there has always been a cap on the number of taxis that could operate in a single geographical area.

“These limits have been imposed to prevent the destructive competition that would occur if there were unlimited entry into this field,” it states. “The business model of … Uber and Lyft is to dominate the … market by not having to comply with the rules and regulations that apply to taxis.”

Ride-hailing companies “do not want a limit on the number of vehicles they deploy through their apps, and they do not want restrictions on the prices they charge to customers, because the absence of such requirements gives them significant competitive advantage over taxis and allows the owners of the companies to maximize their profits,” the document states.

They also claim that the Passenger Transportation Board (PTB) “has improperly dismissed the impact on the taxi industry by saying “the economic devastation the PTB is inflicting on them was their own fault for creating a market for taxi shares, and that they should have seen it coming.”

According to the documents though, “the industry had basically no notice that ride-hailing would be introduced in a totally unregulated fashion,” and the PTB’s “complete failure to ensure that the public interest is protected, including by ensuring a fair and level playing field for existing passenger transportation service providers, is why this petition has become necessary.”

The cab companies behind the court challenge are Yellow Cab, Black Top Cabs, Maclure’s Cabs, Vancouver Taxi, North Shore Taxi, Bonny’s Taxi, Burnaby Select Metrotown Taxi, Queen City Taxi, and Richmond Taxi.

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Netflix’s subscriber growth slows as gains from password-sharing crackdown subside

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Netflix on Thursday reported that its subscriber growth slowed dramatically during the summer, a sign the huge gains from the video-streaming service’s crackdown on freeloading viewers is tapering off.

The 5.1 million subscribers that Netflix added during the July-September period represented a 42% decline from the total gained during the same time last year. Even so, the company’s revenue and profit rose at a faster pace than analysts had projected, according to FactSet Research.

Netflix ended September with 282.7 million worldwide subscribers — far more than any other streaming service.

The Los Gatos, California, company earned $2.36 billion, or $5.40 per share, a 41% increase from the same time last year. Revenue climbed 15% from a year ago to $9.82 billion. Netflix management predicted the company’s revenue will rise at the same 15% year-over-year pace during the October-December period, slightly than better than analysts have been expecting.

The strong financial performance in the past quarter coupled with the upbeat forecast eclipsed any worries about slowing subscriber growth. Netflix’s stock price surged nearly 4% in extended trading after the numbers came out, building upon a more than 40% increase in the company’s shares so far this year.

The past quarter’s subscriber gains were the lowest posted in any three-month period since the beginning of last year. That drop-off indicates Netflix is shifting to a new phase after reaping the benefits from a ban on the once-rampant practice of sharing account passwords that enabled an estimated 100 million people watch its popular service without paying for it.

The crackdown, triggered by a rare loss of subscribers coming out of the pandemic in 2022, helped Netflix add 57 million subscribers from June 2022 through this June — an average of more than 7 million per quarter, while many of its industry rivals have been struggling as households curbed their discretionary spending.

Netflix’s gains also were propelled by a low-priced version of its service that included commercials for the first time in its history. The company still is only getting a small fraction of its revenue from the 2-year-old advertising push, but Netflix is intensifying its focus on that segment of its business to help boost its profits.

In a letter to shareholder, Netflix reiterated previous cautionary notes about its expansion into advertising, though the low-priced option including commercials has become its fastest growing segment.

“We have much more work to do improving our offering for advertisers, which will be a priority over the next few years,” Netflix management wrote in the letter.

As part of its evolution, Netflix has been increasingly supplementing its lineup of scripted TV series and movies with live programming, such as a Labor Day spectacle featuring renowned glutton Joey Chestnut setting a world record for gorging on hot dogs in a showdown with his longtime nemesis Takeru Kobayashi.

Netflix will be trying to attract more viewer during the current quarter with a Nov. 15 fight pitting former heavyweight champion Mike Tyson against Jake Paul, a YouTube sensation turned boxer, and two National Football League games on Christmas Day.

The Canadian Press. All rights reserved.

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