So here’s an impressive stat we learned this morning at the Street Fight Summit: Half of the businesses that advertise on Patch do not have websites, Warren Webster, president of Patch, said.
That seems like a high figure.
Patch focuses on hyperlocal advertising — so lots of small businesses — but it’s hard to believe 50% of the businesses wouldn’t have at least some minor web presence.
Webster also revealed that the sites are inching toward profitability, echoing sentiment from last month.
“When we started this I thought some sites would do really well and some sites would do really poorly. We found that they’re all following basically the same positive trajectory toward profitability,” he said. “I know it’s a model that will work. I don’t know that every single neighbourhood, but I know [it will] in the profile of the neighbourhood that we cover.”
That is a bit different from the “smoke and mirrors” rhetoric we’ve heard from other sources. Regardless, AOL remains committed to making Patch a success.
“AOL has a lot of cash on hand,” he said. “The founder of Patch became the Ceo and chairman of AOL and believes 100% in the business model. It’s going to be a huge part of AOL’s success going forward.”
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