Citi Bike: Immensely popular but not profitable

Could prices increase?

Citi Bike: Immensely popular but not profitable

Posted: Updated:

The Citi Bike program is a successful one, exceeding expectations with 98,000 yearly memberships and all customers logging 6.7 million miles. But Citi Bike is not making a profit. Initially funded with $40 million from Citibank, the company running Citi Bike may have to raise rates to cover costs.

Right now, $95 pays for a yearly membership of an unlimited number of 45-minute rides.

NYC Bike Share says it no plans to raise rates now. But for now is not spring. And spring is when Citi Bikes will be out in force again. New York City Commissioner of Transportation Polly Trottenberg has said Citi Bike needs more money to operate.

Council Member Ydanis Rodriquez heads the Transportation Committee of the City Council, which oversees the Department of Transportation. He wants to review the entire Citi Bike revenue package approved under Mayor Bloomberg before making a final decision on rate hikes or the city using taxpayer money to expand the successful program to other boroughs. Rodriguez also notes Citi Bikes are rolling advertisements for Citibank so that Citibank should be one prime source of continued funding.

  • Manhattan NewsManhattan NewsMore>>

  • Tennis star Caroline Wozniacki to run New York City Marathon

    Wozniacki to run NYC Marathon

    Thursday, July 31 2014 4:42 PM EDT2014-07-31 20:42:50 GMT
    Former No. 1-ranked tennis star Caroline Wozniacki plans to play a full tournament schedule this fall while fitting in time to train for the New York City Marathon. She said Thursday that she long had wanted to do a marathon and decided before Wimbledon that she could pull it off this year.
    Former No. 1-ranked tennis star Caroline Wozniacki plans to play a full tournament schedule this fall while fitting in time to train for the New York City Marathon. She said Thursday that she long had wanted to do a marathon and decided before Wimbledon that she could pull it off this year.
  • 5 annoying things about the New York City subway

    5 annoying things about the New York City subway

    Thursday, July 31 2014 2:55 PM EDT2014-07-31 18:55:21 GMT
    Subway problems are annoying, but it’s just a part of living in New York City. Public transportation isn’t glamorous. It’s a pain. It’s a convenience that can cause an inconvenience. Here is a list of five annoying things about the subway system.
    Subway problems are annoying, but it’s just a part of living in New York City. Public transportation isn’t glamorous. It’s a pain. It’s a convenience that can cause an inconvenience. Here is a list of five annoying things about the subway system.
  • US issues travel warning over Ebola

    US issues travel warning over Ebola

    Thursday, July 31 2014 2:22 PM EDT2014-07-31 18:22:47 GMT
    U.S. health officials on Thursday warned Americans not to travel to the three West African countries hit by the worst recorded Ebola outbreak in history.  The travel advisory applies to non-essential travel to Guinea, Liberia and Sierra Leone.
    U.S. health officials on Thursday warned Americans not to travel to the three West African countries hit by the worst recorded Ebola outbreak in history.  The travel advisory applies to non-essential travel to Guinea, Liberia and Sierra Leone.
Powered by WorldNow
Didn't find what you were looking for?
All content © Copyright 2000 - 2014 Fox Television Stations, Inc. and Worldnow. All Rights Reserved.
Privacy Policy | Terms of Service | Ad Choices