The Atlantic Cities blog sounds the alarm about London's bike share program:
While the system recorded 726,893 journeys in November 2012, last month there were only 514,146. To cap these poor user figures, today Transport for London announced that the scheme's major sponsor, Barclays Bank, will pull out of its sponsorship deal in 2015. Given the bad publicity the system has received recently, it may be hard to find a replacement sponsor without some major changes.
None of this would matter much if London’s scheme was entirely self-sustaining. But while Paris's bike-share scheme actually makes money for the city, London's 4,000 bikes cost local taxpayers an average of £1,400 per bike per year. As the Daily Mail points out, this would be enough to buy each of the scheme's 38,000 registered users a £290 bike. Barclays has thus found its sponsorship deal a mixed publicity blessing – though the bank itself may be part of the problem. The £50 million it promised was never going to be enough, and the amount it has actually handed over so far suggests their ultimate contribution could be at little as half that.
So, Toronto and London are having problems; Chicago and Paris are booming. This is turning into a fascinating natural experiment.