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Local search to hit $5 billion next year

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Borrell Associates predicts an over local online advertising market of $12.6 billion in 2008, with local search ads comprising a big chunk of that spending.

The 2008 Outlook: Local Online Advertising from Borrell Associates also estimated locally placed online video will triple to nearly $1.3 billion for the year. Long-form ads for home, auto, and health-related categories will drive this growth:

Key advertising segments for 2008 will continue to be the “Big 3” classified categories of automotive, recruitment and real estate, with online political marketing holding promise for local sites as state and presidential campaigns heat up. 

Competition for the local online ad dollar from yellow pages companies, cable, and local media may be unable to stop Google, Yahoo, and other major pure Internet players from scooping up a lot of the business. Local media may wish to consider (or reconsider) partnering with this companies to avoid being shut out of the profits.

Local search to hit $5 billion next year
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