IRVINE, Calif.--(BUSINESS WIRE)--Local Corporation (NASDAQ: LOCM), a leading online local media company, today announced the launch of its second industry-specific, content driven website designed to further extend its reach and engagement with local consumers and businesses.
The company, which connects businesses with over a million consumers each day, plans to leverage these new industry-specific sites to further expand its reach into and monetization of local markets.
The new site, which focuses on heating, ventilation, and air conditioning (HVAC), offers a complete HVAC service guide that includes educational articles and provides a variety of decision criteria for consumers who are choosing an HVAC service provider. The site also provides the ability to request quotes, access a comprehensive directory of local HVAC professionals, including contact information and, where available, user ratings and reviews. The HVAC industry is estimated to be worth $16.8 billion in the U.S.1, and is forecasted to rise about 8 percent in 2012, and this growth is expected to continue through 2017.2
Local Corporation expects to focus monetization of its new portfolio of industry-specific sites primarily via lead generation, as well as pay-per-click, pay-per-call, display and subscription ad units. The company plans to launch additional vertical sites in other key consumer service categories in the future.
“This effort represents another step in our lead generation and overall performance-based ad strategies,” said Carlos Caponera, Local Corporation, senior director, consumer properties. “These sites expand our footprint and are expected to further increase consumer engagement and traffic, as well as improve our ability to monetize this traffic via lead generation. We’re also pleased to be providing consumers with a convenient, one-stop solution for receiving targeted information on the specific businesses and services that they need locally.”
According to BIA/Kelsey, in 2011, 30 percent of all online searches were local searches, and were valued at $5.7 billion. The value of local searches is expected to grow by a CAGR of 12 percent to $10.2 billion and represent 35 percent of all online searches in 2016. Billions of new dollars flow into digital media from traditional and online advertisers in order to reach local consumers online, and the company expects these new vertical sites will assist the company in claiming a larger portion of this transitioning media spend.
About Local Corporation
Local Corporation (NASDAQ:LOCM) is a leading online local media company that connects brick-and-mortar businesses with over a million online and mobile consumers each day using a variety of innovative digital marketing products. To advertise, or for more information, visit: http://www.localcorporation.com.
Forward Looking Statements
This press release contains certain forward-looking statements that are based upon current expectations and involve certain risks and uncertainties within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Words or expressions such as "anticipate," "plan," "will," "intend," "believe" or "expect'" or variations of such words and similar expressions are intended to identify such forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and other factors, some of which are beyond our control and difficult to predict and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. Key risks are described in the filings we make with the U.S. Securities and Exchange Commission. The forward-looking statements in this release speak only as of the date they are made. We undertake no obligation to revise or update publicly any forward-looking statement for any reason. Unless otherwise stated, all site traffic and usage statistics are from third-party service providers engaged by the company. Traffic and our monetization of that traffic combine to determine our revenues for any given period. Our traffic volume alone for a period should not be viewed as demonstrative of our financial results for such period.