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I am convinced by it. The advantage that Uber had a few years ago because of its novel 'app' can now easily be caught up on by competitors. If all of its drivers are 'released', there will be someone else waiting for them.
I mean, I would personally prefer it if this kind of taxi service ended in London altogether, but it won't, and I'd prefer pretty much any smaller competitor over Uber, one of the worst companies around.
Oliver Schick-
I don't think there is an app out there that does the same. There are local ones, Kapten for instance, but nothing that works across so many territories and is as likely to be installed on so many visitors phones.
You're also assuming that the demand for taxis/minicabs is price inelastic which clearly isn't the case. (Although potentially the drivers may be working fewer but better paid hours but I suspect that would be unlikely.)
aggi
I'm not convinced by this. A couple of the main points of Uber is convenience and price. Personally I rarely use it in London but I use it in other countries as it is just so much easier to use an app you already have than try and find a local service with the difficulties of language, payment, etc
I know a lot of people who do use it in London though because it's cheap. For instance they wouldn't use black cabs for the same journey as the cost differential compared to alternatives such as public transport is too high.