Newspapers, consider your lunch eaten, and your ass kicked by the big bad online bully for dessert: Online classifieds hub Craigslist will enjoy an estimated $81 million in revenue this year, up from an estimated $55 million in 2007, according to a report released this morning by interactive classified advertising consulting firm Classified Intelligence LLC.
Let’s see the latest figures on how online impresario Craig Newmark is putting the rest of the media world to shame, according to Classy Intel:
Estimated revenue in 2003: $7 million
Estimated revenue in 2008: $81 million
New classified ads each month: More than 30 million
Full-time employees working out of one Victorian-style house in San Francisco: 25 [ED. NOTE: And we bet they don't have to wait in line as long for the bathroom as we do...]
Due in large part to softening in classified advertising, New York Times advertising revenue slipped 7.8 percent in February 2008 alone.