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Aug 20, 2009 by Mark Maier"Can Anyone Actually Tap The $100 Billion Potential Of Hyperlocal News?" asks the headline from FastCompany.com. What hurdles face those trying to break into the marketplace?....
"Hyperlocal sites -- covering cities, towns, or just a neighborhood -- can deliver precision-targeted advertising to local and global businesses. As the once-exponential growth rate for most Internet advertising in the United States grinds to a halt, the online local-advertising market is projected to grow 5.4% in 2009 to $13.3 billion, according to media research firm Borrell Associates."
"Hyperlocal seems like a can't-miss proposition. "There is real demand for good information about our neighborhoods, our children's schools, our streets, our blocks," says Jay Rosen, an NYU journalism professor and media blogger. Except for one thing: Success remains perpetually around the corner, constantly predicted yet never fulfilled. While different people have named hyperlocal as a trend to watch every year since 2004, "everybody's groping for a business model," says Gordon Joseloff, who fits the all-too-typical norm for this space with his popular, distinguished, and unprofitable site in Westport, Connecticut. The Local and Patch -- and by extension, the Times and AOL -- may, too, be destined to find the same trouble."
The article questions whether a business model can be profitable and to that we offer Castanet.net as the model of success. They are set to do $2 Million in sales this year in a market smaller than 200,000 in the Regional District of Central Okanagan surrounding Kelowna, British Columbia.. They sell their internet property like we consult our broadcast properties to sell; Customer Marketing Profiles, Return On Interactive Investment, Spec Banner Ads, Proposals, Tracking, and Reporting.
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