A lot of companies that used to be called monopolies aren’t any more.
Such companies that were sole service providers included Ma Bell, cable TV companies and electric utility companies. Competition from upstart businesses caused the monopolies to adjust and compete.
The telephone giant now faces many wireless and cable competitors. Cable TV companies are challenged by satellite, Internet and phone company programming providers. Electric utility companies must contend and keep up with the growing green options such as solar and wind power providers.
Now in Kansas City, taxicab companies are being challenged by Lyft, a ride-sharing service, using a smartphone app to match riders with people needing a lift, The Kansas City Star reports. Lyft cars have a distinctive, big, pink mustache on the grill of the drivers’ cars.
Kansas City is one of 24 municipalities where Lyft is expanding. It is in 36 metro areas now. Local drivers in the ride sharing service respond to rider requests transmitted through Lyft’s mobile app.
Cab companies aren’t happy about Lyft muscling into their cozy market. But competition requires adjustments from companies if they want to stay in business.