Has the gig economy turned a corner?

Hi, it’s Ed in San Francisco. Lyft and DoorDash report financial results this week. But first...Three things you need to know today:• X sold [View in browser]( [Bloomberg]( Hi, it’s Ed in San Francisco. Lyft and DoorDash report financial results this week. But first... Three things you need to know today: • X sold $1 million ad packages [for the Super Bowl]( • Sony bought [Michael Jackson’s music catalog]( • Paramount estimated [record Super Bowl ad sales]( Special delivery Last week Uber Technologies Inc. reported a blowout financial quarter. This week we’ll know whether the rest of the US gig economy will benefit or whether that performance was unique to Uber. [Uber’s results]( indicated lots of demand for ride-hailing and people eager to pay for delivery of food and other goods. Its two main competitors at home are about to report their numbers: Lyft Inc. on Tuesday and DoorDash Inc. on Thursday. Consumer spending for the year looks healthy, and corporate workers are booking more premium rides and car rentals, Uber said. The gig part of the economy is growing, too. Uber told investors that the number of drivers active on its platform was up 30% from a year earlier. That’s good for Uber and its customers, as demand for rides and food delivery is met more quickly, without prices skyrocketing. But it raises questions about where those drivers came from. The US economy [appears to be strong]( overall, but interest rates remain stubbornly high, and in the technology industry, [layoffs are snowballing](. Even if the economy turns, some people may trade a night out at a fancy restaurant for food delivery at home from a less fancy restaurant, which would be good for Uber and DoorDash. Economic factors aside, gig economy companies are ostensibly technology companies, and good technology is another way to win. Uber showed that it was able to grow the number of people taking ride-hailing trips by improving the way its algorithms match riders with drivers and select routes. Expectations for DoorDash rose after news of Uber’s good fortune. The stock is up 6%. Investors expect less from Lyft, though. Lyft’s limitations are that it doesn’t do anything outside of mobility and has a very limited international business. That makes the company more sensitive to factors like [labor reclassification](. Probably the biggest thing investors will look at is Lyft’s gross bookings forecast. Whereas Uber trades near an all-time high, Lyft’s market value is down more than 80% from its debut in 2019. Lyft could certainly use a lift. —[Ed Ludlow](mailto:eludlow2@bloomberg.net) The big story Deepfakes are everywhere. Whether through video, audio or images, deepfakes can be used to [scam consumers or damage the reputation of public figures](. Now that AI tools are advancing, it can be easier than ever to create them — and governments are trying to fight back. One to watch [Watch the Bloomberg Technology TV interview]( with Brett Weitz, head of partnerships and talent at X. Get fully charged ByteDance, TikTok’s owner, faces the threat of fines as the EU prepares to open an investigation into [concerns of risks to minors](. Nvidia could overtake Amazon to become the [fourth-most-valuable US company](. Online betting on the Super Bowl game was on track to reach a [record of $23.1 billion](. More from Bloomberg Get Bloomberg Tech weeklies in your inbox: - [Cyber Bulletin]( for coverage of the shadow world of hackers and cyber-espionage - [Game On]( for reporting on the video game business - [Power On]( for Apple scoops, consumer tech news and more - [Screentime]( for a front-row seat to the collision of Hollywood and Silicon Valley - [Soundbite]( for reporting on podcasting, the music industry and audio trends - [Q&AI]( for answers to all your questions about AI Follow Us Like getting this newsletter? [Subscribe to Bloomberg.com]( for unlimited access to trusted, data-driven journalism and subscriber-only insights. Want to sponsor this newsletter? [Get in touch here](. You received this message because you are subscribed to Bloomberg's Tech Daily newsletter. If a friend forwarded you this message, [sign up here]( to get it in your inbox. [Unsubscribe]( [Bloomberg.com]( [Contact Us]( Bloomberg L.P. 731 Lexington Avenue, New York, NY 10022 [Ads Powered By Liveintent]( [Ad Choices](