Newspapers may be suffering, but Craigslist is booming.
The classified ad website is on pace to rake in over $100 million in revenue this year, according to a new study from Classified Intelligence Report, a publication of AIM Group.
That figure represents a 23 percent increase over 2008 Craigslist Revenue. In fact, back in 2004 the site was only expected to bring in $9 million.
“This is a down-market for just about everyone else but Craigslist,” said Jim Townsend, editorial director of AIM Group. The firm arrived at the estimate by counting the number of paid ads on the site for a month and then extrapolating an annual figure.
Compare this to the fact that classified advertising in actual newspapers across the U.S. declined by 29 percent last year.
Craigslist had no comment on the study.
“We are a privately held company and never comment on guesses of our revenue. Nor have we ever commented on any number bandied around in the past,” said Susan MacTavish Best, a Craigslist spokeswoman.
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