Homestore (ticker: HOMS) CEO Mike Long made an interesting comment about real estate advertising in his presentation at the ThinkEquity Partners conference September 12th. Take note, investors in newspaper stocks:
Pre-move offline is where most of the money is today. And most of the money is with the newspaper classifieds. The vast majority of the $9 billion spent by real estate advertisers, for example, is still spent with the newspaper classifieds.
What's interesting is that this is the only classified category that's actually increased in revenues for the newspapers over the last three years. The other major categories such as automobiles, such as job posting have all declined quite dramatically. We expect that that same opportunity exists in the real estate category.
(Quotes are from the CCBN StreetEvents transcript.)
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