The following is quoted from CBC news "We spent a day taking Uber and Lyft in Vancouver. Here's what we learned" on January 25, 2020.

"The Vancouver Taxi Association said Friday its members are extremely upset with the Passenger Transportation Board's (PTB) decision to approve ride-hailing. It says the new service will be devastating to the taxi industry and those who work in it. "

What kind of barriers to entry was in the taxi industry before ride-hailing services such as Uber was allowed in Vancouver? How would you expect the taxi drivers' profits to change after ride-hailing services are introduced to the market? Explain briefly.