The system saw its annual memberships explode, from 475 to 2,150
Looking at this in terms of a successful business venture, I'd say they nailed it.
Usage doesn't necessarily mean success. I see Metro buses on campus full all the time, but we know that the Metro system requires a subsidy to operate. Unfortunately we don't have a complete picture of B-cycle's usage and they won't release their revenues and costs, but we can make some estimates based on what they have provided.
Revenues:Prices taken from http://madison.bcycle.com/pricing.aspx
Total revenues: $221,300
- Annual members: 2,150 x $65 = $139,750
- Daily members**: 11,710 x $5 = $58,550
** I took this from the "casual user" number, which I am assuming means daily membership.
- Usage fees: Unknown. The reports says the vast majority of trips are less than 30 minutes (which incur no usage charge). Hard numbers aren't listed, but we can make an estimate off of the graph on page 12. I'll say 5,000 trips of 31-60 minutes ($10,000), 1,000 trips of 60-90 minutes ($7,000) and 500 trips of 90-120 minutes ($6,000). There are trips that are longer, but can't be reliably estimated from that graph. So my estimate is $23,000, though the actual amount is probably higher.
- Advertising / sponsorship: Unknown.
- Replacement (bike, card, key): Unknown.
+ ads/sponsorships + replacement charges + other usage fees.
Total expenses: Unknown.
- New stations: 5 (though in the same paragraph on page 5 it says they started the season with 27 stations and ended with 33).
- New bikes: Unknown (began the season with 290 and ended with ... 290. I think someone needed to proofread that page 5. Page 8 says they officially started in April with 200 bikes, so did they add 90?)
- Staff: Unknown. The report lists five regular staff members (unknown if they are full or part-time) and two interns.
Would someone else like to take a stab at an estimate?
The other difference in the Soglin deal was that this was made a 5-year contract instead of 3 years. When this comes up for review in 2016, I hope we get a chance to see all the hard data if Trek wants us to kick in. Otherwise, if they've determined that they have a profitable model, then I think they ought to start paying rent for all of the public space they're using for their 33 stations.