Ads growth compared to the previous year 

According to Business Insider Uber Ads has officially hit a $1 billion annual run rate, just two years after its inception. This marks a leap from the previous year's revenue, where its ads business generated an annual rate of $650 million.

As part of its goals, the company has long aimed to achieve this feat. The increase from $650 million to $1 billion represents a growth of $350 million, approximately a 54% rise in the annual run rate

Uber overall performance

Uber's overall financial performance also reflects its growing advertising success. The company reported a 16% revenue increase year-on-year to $10.7 billion for the quarter ending June 30.

Uber Ads’ growth strategy

Speaking with Business Insider, Uber Ads’ head of International Paul Wright commented that the company will explore several growth strategies including developing tools to measure consumer attention and experimenting with "Playable Ads," which engage users through interactive games to unlock promotions. 

Also, Uber will strengthen its market position through strategic partnerships. For instance, Uber began selling “Journey Ads” through collaborations with platforms like The Trade Desk and Google's Display & Video 360 in June.

Additionally, a new collaboration with T-Mobile will expand Uber's in-car JourneyTV to over 50,000 vehicles across the U.S. this year.