This got me thinking about the disruption in the traditional advertising value chain, and how Groupon has become a player in the "implementation" of ads. Remembering a post I made last semester on "The Future of Advertising", where is the most value in this market?

The next step for this project is to define the profitability of the local advertising industry, the profitability of each layer of the stack, and the share of the profits for each firm within that layer.
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