In the United States alone, the hyperlocal media business is worth US$32 billion in 2011, according to BIA/Kelsey. A growing group of technologists, ecommerce businesses, advertisers and publishers are jockeying to acquire that revenue.
More than 200 hyperlocal media business afficianados are gathering at the first Street Fight Summit in New York’s SoHo neighborhood. Hyperlocal entrepreneurs and publishers from around the world have heard from the industry’s gurus, including Fwix CEO Darian Shirazi, Patch president Warren Websiter and FourSquare’s general manager Evan Cohen.
WNMN is attending the conference, which started Tuesday, The speakers are exploring the opportunities in daily deals, location-based targeting, granular content on hyperlocal sites, partnerships and reasons for early failures, such as Backfence as a slew of daily deals sites.
“AOL believes in hyperlocal content. Patch will be a big part of their future going forward,” said Warren Webster, Patch’s founder and president. Patch is in more than 800 markets in the United States.
“In many cases, these hyperlocal businesses fail because the revenue does not add up against the costs,” said Ezra Kucharz, president of CBS Local Digital Media. CBS has ramped up its hyperlocal presence on its portals in 25 markets in the United States. “You have to have great content in order to be successful.”