Kara Nortman, from IAC spoke on where things are in the local media and where they think things are moving. First off she showed what is working and what is not.

Successful in local: organic traffic

unique distribution

self-service products

direct access to merchant budge

lost cost burn

Struggling in local: SEM only traffic

another local website

high cost of sales, high churn

dependence on others

models requiring large fund raises

Kara definitely sees that opportunities are still around and remain large. One slide of some stats showed that US spent in 2008 $116 billion.

Wrapping up her presentation with what they see coming and that is the local market needs to consolidate, two ways this will happen are distribution & monetization will likely cause/effect consolidations and that clear leaders in verticals will likely emerge.