Market Valuation for Worldwide Yellow Pages Industry Estimated at $136 Billion, According to The Kelsey Group

June 15, 2007

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Market Valuation for Worldwide Yellow Pages Industry Estimated at $136 Billion, According to The Kelsey Group

New ‘Global Yellow Pages 2007’ report estimates a worldwide sales force of 41,000—an increase of 14% in the past two years—serving local and small business advertisers.

Princeton, NJ (June 15, 2007) — In 2006, worldwide, Yellow Pages generated estimated revenues of US$30.5 billion and estimated earnings before interest, taxes, depreciation and amortization (EBITDA) of US$13.6 billion, according to a new report by The Kelsey Group titled, “Global Yellow Pages™ 2007: The Kelsey Group’s Outlook & Forecast.” Applying a conservative multiple of 10 times EBITDA, the entire global Yellow Pages industry would have a market valuation of US$136 billion.

According to the report, the global Yellow Pages industry employed just over 74,000 people in 2006, more than 41,000 of whom worked in sales or sales management, up from 36,000 in 2004. This worldwide sales force is being required to carry an increasingly complex array of products—from print directories to search-based products and online Yellow Pages offerings. Kelsey analysts expect to see a lot of experimentation with various sales channel blends over the next few years as publishers build on their strong sales and financial foundation.

“Small businesses are showing more interest in using the Internet to get customers,” said Charles Laughlin, senior vice president and program director, The Kelsey Report®, and managing editor, The Kelsey Group. “But buying digital media is complex, and most small businesses need help. For this reason, the Yellow Pages sales force has emerged as an enviable asset among local media players vying for small business ad dollars.”

Global Yellow Pages 2007 is an exhaustive examination of the markets and companies that comprise the global Yellow Pages industry. Key observations in the report include:

  • Print Yellow Pages will stay level globally over the next five years.
  • A number of markets will reach parity or close to it between print and online directories within the next five years.
  • By 2011, almost 30 percent of global Yellow Pages revenues will be online, compared with 12.4 percent in 2006.
  • Yellow Pages share of the total global advertising pie stands at 7.1 percent.

About Global Yellow Pages™ 2007
The 550-page Global Yellow Pages 2007 is the fourth edition of the firm’s “Global Yellow Pages: The Kelsey Group’s Outlook & Forecast” and is the result of six months of research by Kelsey Group analysts. It is designed as a strategic planning tool for directory publishers, investors, industry suppliers and Yellow Pages agencies that need a complete understanding of the state of the industry, its key players and the direction the business is moving. The latest edition features a new searchable database for quick access to the most often referenced data, such as titles, distribution, total employees and number of sales representatives. The data are searchable by region, country or publisher, as well as by revenue type (print, digital or total revenues). The database will also offer quarterly updates of public company revenues and income.

The report captures key metrics about the companies and markets profiled, including revenues, growth rates, titles and distribution, employees, size of sales force, online and wireless products, prominent executives, advertisers, and major developments and challenges. Global Yellow Pages 2007 features:

  • Global forecast for 2006-2011 (by region, market and category)
  • Five regional profiles (North America, South America, Europe, Asia-Pacific, Rest of World)
  • Profiles of 47 countries/markets (added this year: Indonesia and Malaysia)
  • Coverage of 150 companies, with 85 in-depth company profiles
  • Key global Yellow Pages industry acquisitions (2005-2007)
  • Fifteen largest global Yellow Pages publishers, plus top-10 category leaders by directory revenue as a percentage of GDP and directory revenue as a share of advertising revenue

For more information regarding Global Yellow Pages 2007, contact Steve Vasil at (905) 765-5910 or, or visit

About The Kelsey Group
The Kelsey Group is the leading provider of research, data and strategic analysis on directories, small-business advertising and online local media. Founded in 1986, the company has built a reputation as the premier analyst firm covering the directory publishing community and the emerging local search marketplace, providing advisory services (The Kelsey Report® and Interactive Local Media), publishing (Global Yellow Pages™), consulting (more than 300 individual assignments) and conferences (68 events).

For more information contact:

Eileen Pacheco
(781) 556-1026

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