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Edition: U.S. Article Comments (0) Video Global Technology Summit Facebook looks at China Competition gets ugly in hot mobile games market Google, Apple not unassailable in smartphone race Verizon eyes family data plans European start-ups shy away from IPO frenzy Venture funds look beyond social media Alcatel CEO looks to future growth SAP sees growth from new businesses NXP says demand for NFC chips to soar Video: LivingSocial's Tim O'Shaughnessy on company growth Follow Reuters Facebook Twitter RSS YouTube Read Israel's Netanyahu rejects Obama proposal on borders | 4:56pm EDT Famed pro wrestler "Macho Man" dies in crash 2:45pm EDT Media zoom in on mystery Schwarzenegger mistress | 18 May 2011 Sony hacked again 3:14pm EDT Spain government rethinks ban as youth protests grow 4:19pm EDT Discussed 141 Obama and Netanyahu face tense meeting on Mideast 104 Texas county official says ”stupid” feds sparked fire 81 Israel-Palestinian violence erupts on three borders Watched End of the world as we know it...on May 21 Wed, May 18 2011 Arnold Schwarzenegger's mystery woman identified Thu, May 19 2011 Netanyahu rejects Obama proposal Sat, May 21 2011 small business The top 100 business minds What does the head of Al Jazeera and comedian Conan O'Brien have in common? They're two of the world's 100 most creative business people, according to Fast Company magazine. See who else made the list. Full Article VC funds look beyond social media Can a Navy SEAL help your business? Bad weather is big business for startup Foursquare, LivingSocial eye local ad dollars Tweet Share this By Jennifer Saba NEW YORK (Reuters) - LivingSocial and Foursquare are both fighting for local ad dollars from mom and pop stores, neighborhood restaurants, and even big box retailers as online social media companies set their sights on a largely... Email Print Related News Mobile wallet roll out starts with small change 3:48pm EDT Facebook looks at China Thu, May 19 2011 LinkedIn share price more than doubles in NYSE debut Thu, May 19 2011 LinkedIn IPO prices at $45 per share, but risks real Wed, May 18 2011 LinkedIn ups IPO range, stokes social media frenzy Tue, May 17 2011 Analysis & Opinion Bebo founder working on a “little social network” Microsoft-Skype: inspirational or hype? Related Topics Technology » Media » Related Video Foursquare's Dennis Crowley on future revenue 3:38am EDT LivingSocial's Tim O'Shaughnessy on company growth By Jennifer Saba NEW YORK | Fri May 20, 2011 4:21pm EDT NEW YORK (Reuters) - LivingSocial and Foursquare are both fighting for local ad dollars from mom and pop stores, neighborhood restaurants, and even big box retailers as online social media companies set their sights on a largely untapped pool of revenue. Now because of the rise of social media and smartphones, companies like LivingSocial and Foursquare can target consumers and drive them to storefronts in ways that the Yellow Pages and websites from the past boom like Microsoft's Sidewalk could not do. "I think we're in a position to do something revolutionary for local advertising," Foursquare Chief Executive and Co-Founder Dennis Crowley said during the Reuters Global Technology Summit on Thursday. The pool of dollars is huge: U.S. local advertising spending is expected to reach about $136 billion in 2011, according to Bia/Kelsey. Foursquare is a mobile application with about 10 million users who "check-in" to area establishments, which are then shared with the user's social network of friends. About 400,000 merchants use Foursquare tools to drive traffic to their stores. "I think that we will hit our inflection point the same way that Twitter did," Crowley said. "I can imagine getting to 100 million users. I can imagine us exceeding that." Foursquare and LivingSocial, the online daily deals site, are part of a new wave of companies that have attracted investors interested in owning a piece of the social media business. The first social media site to test investor appetite and go public was LinkedIn, which made its stunning debut on the New York Stock Exchange on Thursday, defying even the highest of expectations by closing 109 percent above its IPO price at $94.25. On SecondMarket, one of the largest exchanges for private company shares, Foursquare saw the biggest increase in participants interested in the company during the first quarter. LivingSocial made SecondMarket's list as one of the new companies on investors' radar for the same period. MORE THAN DAILY DEALS With about 30 million members worldwide, LivingSocial is still far smaller than the No. 1 player in the market, Groupon, which has about 70 million users and is expected to file for a public offering this year. LivingSocial is on track to generate $1 billion revenue this year. Tim O'Shaughnessy, co-founder and chief executive of LivingSocial, said online advertising companies have approached LivingSocial interested in a takeout. The Washington D.C.-based company just raised $400 million in its latest round which included Amazon.com, valuing the company at about $3 billion. "You're really in a position where somebody acquires you or you become a public company. I think either of them could happen with us," O'Shaughnessy said. For now, O'Shaughnessy is concentrating on expanding the business. "I don't view this as the daily deal business. I view it as the local commerce business," he said. For instance, the company introduced Living Social Instant that pulls a list of real time offers based on proximity to the establishments. It's the same spot where Foursquare is aiming. Foursquare is building out tools that recommends places based on the interests of a person's social circle, similar to Amazon and Netflix's suggestions for buying books and watching movies. "When you build great products, it's very easy to monetize them," Crowley said. (Reporting by Jennifer Saba; Editing by Gary Hill) Technology Media Related Quotes and News Company Price Related News Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language, all capital letters or appear to be spam, and we review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. Comments (0) Be the first to comment on reuters.com. Add yours using the box above. 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