The traditional taxi industry is in the midst of a revolution due to popular ride-sharing apps
Amid the rapid rise of ride-sharing companies like Uber and Lyft, the cost of running taxis across major U.S. cities has dropped significantly over the past year.
The prices of New York City medallions, which represent ownership of and license to operate a taxi, fell by 17% between last spring and this October due to falling demand, the New York Times reported.
Medallions prices in Chicago also dropped by 17%, while prices in Boston reportedly went down by about 20%.
City-regulated taxi companies have been struggling to keep up with mobile-based cab services like Uber and Lyft, which are generally perceived as cheaper and more convenient by customers.