Report: Patch Losses in 2011 Could Top $100 Million
Nicholas Carlson at BusinessInsider.com continues his aggressive reporting about Patch this afternoon with a pair of items that suggest the bulk of AOL red ink is being spilled across the network of hyper-local news sites.
According to documents obtained by Carlson, the outside sales force of 150 people or so enlisted by Patch has generated only $7.8 million in 2011 ad revenue. One source told Carlson his team was just handed new, impossible-to-meet December sales goals and that if these targets are not reached, he and his colleagues will be out of a job:
One sales person told us “it’s been a disaster,” because local advertisers can–and he says, should–more effectively spend their money on Groupons and Google search ads.
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