GCap buys into social network
GCap has acquired a majority stake in a local social networking website company, despite doubts over the future of the company. The radio operators, currently subject to a takeover bid by Global Radio, have paid £450,000 for welovelocal.com.
The social network is a peer recommendation site that allows users to post business reviews and interact with other people in their community. GCap plan to combine welovelocal.com’s
online audience with its own network of local radio brands, as part of Fru Hazlitt's online strategy announced last month.
Hazlitt told Radio Today: “welovelocal.com is a business in its infancy but is already showing excellent audience growth. We will integrate its listings and reviews into our Capital 95.8 and One Network sites, enhance and support the on-air experience across these stations and develop welovelocal.com into the leading user generated reviews site in the UK."
Duncan Jennings, co-founder of welovelocal.com commented: "We now have the
opportunity to build on our early success and hit a critical mass of local business reviews
through collaborating with GCap's millions of listeners. This will set us apart from our
competitors and significantly increase our advertisers' exposure."