eMarketer’s “Local Online Advertising Report: Measuring the Market,” released yesterday, projects local online advertising will grow from $2.9 billion this year to $7.8 billion in 2011.
“As audiences continue migrating to the Web and away from tradtional local media such as newspapers and radio, it’s only a matter of time before online local ad spend catches up with today’s reality,” said David Hallerman, an eMarketer senior analyst.
eMarketer began its report by saying only 2.9 percent of the $97 billion ad spend by local advertisers is online this year, but the share will grow “at a faster rate than either national advertising or total online advertisng.”
The report follows one earlier this year from Borrell Associates/Williamsburg, VA that projected the growth of local online video advertising to $371 million this year and over $5 billion within five years, when it will account for over a third of local online spending. Local newspaper and TV websites lead the way.
Supreme Court Allows Multibillion-Dollar Class Action Lawsuit To Proceed Against Meta
The Supreme Court is allowing a multibillion-dollar class action investors' lawsuit to proceed against Facebook parent Meta, stemming from the privacy scandal involving the Cambridge Analytica political consulting firm.
The justices heard arguments in November in Meta's bid to shut down the lawsuit. On Friday, they decided that they were wrong to take up the case in the first place.
The high court dismissed the company's appeal, leaving in place an appellate ruling allowing the case to go forward.
Investors allege that Meta did not fully disclose the risks that Facebook users' personal information would be misused by Cambridge Analytica, a firm that supported Donald Trump 's first successful Republican presidential campaign in 2016.
Inadequacy of the disclosures led to two significant price drops in the price of the company's shares in 2018, after the public learned about the extent of the privacy scandal, the investors say.
Meta spokesman Andy Stone said the company was disappointed by the court's action. "The plaintiff's claims are baseless and we will continue to defend ourselves as this case is considered by the District Court," Stone said in an emailed statement.
Meta already has paid a $5.1 billion fine and reached a $725 million privacy settlement with users.
Cambridge Analytica had ties to Trump political strategist Steve Bannon. It had paid a Facebook app developer for access to the personal information of about 87 million Facebook users. That data was then used to target U.S. voters during the 2016 campaign.
The lawsuit is one of two high court cases involving class-action lawsuits against tech companies. The justices also are wrestling with whether to shut down a class action against Nvidia.... Read More