Though dark clouds appear to be gathering, Citigroup is just peachy about the nearly year-old bike share program that bears their name. The financial corporation pledged $41 million to the initiative, allowing it to launch without a dime of public money. At the Ad Age Digital Conference, Elyssa Gray, director of creative media for North American marketing at Citibank, gushed about the popularity of the program and suggested that the bank is starting to recoup some of its investment. Ms. Gray revealed $4.4 million in earned media since Citi Bike’s launch and sizable growth in brand preference. Despite these indications of profitability for Citi, the program’s ultimate fate will depend on its ability to translate its much-lauded usage into self-sustaining revenue.
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