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Craigslist revenue may reach $81 million this year

Report: Company continues to grow but faces online competition

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Online classifieds and community site is a cash cow that generated an estimated $55 million last year in revenue and is on track to take in $81 million in revenue this year, according to a report by research and consulting company Classified Intelligence. "With just a few simple changes -- additional charges that might improve functionality and usability of the site -- revenue could easily top $100 million in 2008. If it doesn't reach that lofty number this year, it's virtually guaranteed to do so in 2009," the report states. Craigslist, a for-profit San Francisco-based company that operates a global network of market-specific sites, and other online classified sites have cut deeply into ad revenue for print classifieds as advertisers have increasingly flocked to cheap and free online advertising sources. A 2004 Classified Intelligence report estimated that the popularity of craigslist represented an annual $50 million to $65 million drain to newspa...