Just as Citi Bike was staring down the barrel of a potential payday, it seems that the bike share program has yet another problem on its hands: Less than half of the folks who signed up for Citi Bike last year have renewed their annual memberships.
The intel comes via the number crunchers at WNYC, who used subscription numbers from last June (52,125) and subscription numbers from this June (22,000) to determine that about 30,000 members did not renew this year. Here’s how they did the math.
What’s more, a Citi Bike spokesperson didn’t deny the numbers and it’s not exactly surprising: Citi Bike has been endlessly plagued with infrastructure and financial problems since its inception and all this news that they’re on shaky ground money-wise doesn’t exactly inspire confidence. Add in the rumors that membership fees may very well increase from $95 to $140 per year and it’s easy to see why people are hesitant to renew membership or join for the first time.
Hopefully, the forthcoming deal with REQX Venture will save the program from itself.
Follow Nikita Richardson on Twitter @nikitarbk