By: Jennifer Saba Online classified and community site Craigslist.org is on track to generate $100 million in revenue this year, according to estimates by AIM Group/Classified Intelligence.
The number is a 23% increase from 2008 when the group pegged Craigslist's revenue at $81 million.
When the AIM Group began estimating Craigslist's revenue in 2003, it was at $7 million.
"Craigslist is often blamed for 'killing newspaper classifieds, which is unfair and inaccurate characterization," Peter M. Zollman, founding principal of the AIM, said in statement. "Craigslist is profoundly reshaping the way people connect for jobs, cars, apartments and buying and selling of things -- and it keeps growing at a remarkable clip for a company with only about 30 employees and very nominal costs."
Craigslist is in 570 markets and only charges for a very small percentage of its ads.
"Craiglist Inc. has been having tremendous challenges lately due to negative publicity and legal battles -- but its revenue keeps increasing at remarkable pace," Zollman said.
Craigslist's founder Craig Newmark attended a panel on the Future of Media hosted by I Want Media last week in New York. In response to a question about Craigslist killing newspapers, Newmark brushed it aside saying that there will always be a market for "trustworthy news." He also mentioned that he reads newspapers, specifically The New York Times -- everyday and in print.
Comments
No comments on this item Please log in to comment by clicking here