Street Fight Daily: 04.18.11

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A roundup of today’s big stories in hyperlocal media, technology, advertising and startups.

LivingSocial’s February revenue was reportedly $50 million, and projected revenue for 2011 (assumed calendar) is a cool $1 billion. That makes it roughly half the size of Groupon. (TechCrunch)

Naveen Selvadurai, one of the founders of Foursquare, talks about how the company has quickly grown from nothing to a user base of over 8 million people, with 35,000 new users joining every day. (PC Mag)

Earlier this month, LivingSocial announced that it had raised $400 million in new funding to pursue “aggressive domestic and international growth and continued product innovation.”  But approximately $200 million of that is being used to partially cash out early investors and members of company management. (Fortune)

Facebook is planning to roll out a new version of its Groupon-style Deals feature over the next few weeks. While the social network may be late to this particular party, doing that is going to focus attention on one big hole in the Groupon model: namely, the fact that it isn’t really social. (GigaOm)

The decline of newspapers is Groupon’s fault, and Craiglist’s fault, and Zillow’s fault … but it’s also the fault of newspapers who sat back and watched entrepreneurs invent Groupon and Craigslist and Zillow and cut costs out of desperation. (The Atlantic)

Doug Miller, vice president of new business initiatives at LivingSocial, says what the company is doing “is true social commerce because they help people get out into the world and experience new things.” (AllThingsD)

How to defend your location-based business from patent trolls. (Directions Magazine)

SignPost, which launched last October , allows users to search by location and see all of the ongoing deals nearby. Soon, the deals will be customizable based on users’ preferences, so every deal will be as relevant to the consumer as possible. (Business Insider)

Groupon launched in China just about a month ago under the name of and while the site has been experiencing considerable traffic and successfully growing its user base, it still lacks the sales numbers that would put it in line with the domestic competition. (Daily Deal Media)

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