AOL on Wednesday relaunched its City’s Best service with city-specific content, and plans to roll it out to an additional 25 cities later this year. The roll-out includes the expansion of Patch, AOL’s hyper-local news and information platform, which is already available in 40 communities.
AOL is also establishing a dedicated venture capital fund to support entrepreneurial initiatives in the local space.
“Local is the one area of the Internet that has not been built out in an extensive way,” said AOL CEO Tim Armstrong. “While there are companies in the local space, AOL has the technology to digitize the local space at scale … We believe it’s an untapped market for the most part and one of the largest commercial opportunities online that has yet to be won.” More…