Directory & Mailing List Publishers Industry Profile

The US directory and mailing list publishing industry includes about 1,300 companies with combined annual revenue of about $13 billion. Major companies include Dex One (formerly RH Donnelley), SuperMedia, Infogroup, and Yellowbook. The industry is highly concentrated: the 50 largest companies account for about 90 percent of industry revenue.

The industry includes companies that publish phone directories and mailing lists used for marketing. Most phone directories are printed, but publishers also offer online versions; lists are generally delivered online.

COMPETITIVE LANDSCAPE

Demand for directories is driven by local population growth and local ad spending; demand for mailing lists is driven by corporate profits and spending on marketing. The profitability of individual companies depends on efficient operations and new customers. Large companies have advantages in supplier negotiations and in serving multiple markets; small companies compete by targeting niche or specialized markets. The industry is capital-intensive: average annual revenue per worker for a typical company is about $400,000.

PRODUCTS, OPERATIONS & TECHNOLOGY

Major products include printed directories (the majority of industry revenue) and mailing lists. Other products include database subscriptions, both via print and the Internet. While some consumers still use printed directories, Internet listings and other online tools have largely supplanted the phone book as the primary source for telephone numbers, addresses, and related local information.

Directory companies publish printed white and Yellow Pages listings, generally in one directory; in large markets, separate white and Yellow Pages directories ...