Transit agencies have diverse opportunities to generate revenue that fall outside of the farebox. Mass Transit Magazine recently published a piece by Gabriel J. Lopez-Bernhal that explores 4 such opportunities.
- Targeted advertising: Transit agencies provide an audience for potential advertisers. Lopez-Bernhal recommends considering both physical and digital advertisements.
- Monetizing real estate: Land along rail lines can be leased for other purposes, such as cell towers, and high-traffic areas such as transit stations and centers again lend themselves to advertising opportunities.
- In-house expertise benefits: Considering the value of property, real estate can be an agency’s largest asset. Having in-house staff dedicated to real estate management can ensure that the agency’s long-term objectives and goals are met.
- Maintain control of revenue opportunities: Lopez-Bernhal advises transit providers to avoid losing focus on the passenger experience as they seek to generate alternate sources of revenue. Performance metrics should remain at the forefront as agencies consider monetizing onboard Wi-Fi or generating advertising opportunities.
To read the full Mass Transit Magazine article by Gabriel J. Lopez-Bernhal, visit the Mass Transit website.