By: E&P Staff
Craigslist, the free community classifieds site that generates more than 1 billion page-views each month, has cost newspapers in the San Francisco Bay Area $50 million to $65 million in employment advertising revenue, according to a new report.
Craigslist, which is one-quarter owned by EBay Inc., also has cost the newspapers untold millions more in merchandise and real-estate advertising and has damaged other traditional classified-advertising businesses, the report says.
"Competing with Craig: Strategies and tactics for battling Craigslist and its counterparts," was published by Classified Intelligence LLC, a consulting group.
"Craigslist has created an extremely important and valuable marketplace, and perfectly illustrates the changing nature of the classified advertising industry," said Peter M. Zollman, founding principal of Classified Intelligence, said in a statement. "All classified advertising companies should learn from Craigslist and its founder, Craig Newmark, about effectively serving their audiences."
Classified advertising represents a $28 billion to $30 billion business in the United States, including $16 billion in daily newspapers. This new report is designed to help all classified advertising publishers -- newspapers, dotcoms, broadcasters, and yellow pages -- develop more effective products for auto, employment, real-estate, and merchandise advertising.
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