Transportation Network Companies (TNC) are companies that use online-enabled platforms to connect passengers with drivers. In recent years, they have sparked controversy with the taxi industry, which accuses TNCs of operating unfairly. In my study, I look at taxi regulation, consumer transportation preferences, and costs and benefits of TNCs. I analyze data comparing three of these companies, Uber, Lyft, and Sidecar, with a traditional taxicab, and evaluate trends in taxi employment from the Bureau of Labor Statistics. I find that Transportation Network Companies generally have shorter wait times, cheaper prices, and increased convenience, aspects that appeal to consumer preferences. I also find that taxi driver employment tends to fluctuate with economic conditions, however cities that are more likely to use TNCs exhibit smaller growth. I predict that at current conditions, TNCs such as Uber and Lyft will overtake taxi services. Thus, the taxi industry must focus on increasing TNC regulation, creating innovative technology, and modifying its service to appeal to consumers.