Global Yellow Pages Ltd., which publishes print and digital directories in Singapore, is getting out of the print business, restructuting its digital business and will focus most of its resources on its real estate operation.
This is a striking move away from the company’s core product.
According to the Straights Times, GYP began investing in commercial real estate in New Zealand in 2015 and is now the largest contributor to revenue.
GYP will discontinue its print publications after 2018. The company will remain involved in its digitial advertising business through a 20% stake in a newly formed company, Yellow Pages Pte. Ltd.
GYP’s CEO Stanley Tan told the Straights Times, “It is with much regret that the revamp of the Search product offerings has affected our colleagues, some of whom have served with the company for many years. However, due to evolving market trends as more users take to online platforms to search for information, we are no longer able to sustain the print directories which are iconic publications familiar to most Singaporeans.”
Increasingly, directory publishers in Europe, Asia and elsewhere are phasing out the printed directory in favor of fully digital business models. To date, no major Yellow Pages publisher in North America has announced plans to eliminate printed Yellow Pages.
Source:: Local Search Insider