Author: Added: 04/30/2008 Duration:197.632 Posted on Thursday, April 24, 2008 www.beet.tv Social Media is the "New Local Media," Larry Kramer The booming participation in social media is creating both a big opportunity and potentially a giant sink hole for media companies and marketers. How this will play out is far from being known at this stage, says Larry Kramer, founder of MarketWatch whom I consider a true media visionary. I caught up with Larry today in Manhattan. He says the way for media and marketers executives to view social media is as "local." Not geographically local, of course, but community-centric. Larry will explore this topic next week when he leads a panel at the paidContent social media conference in Los Angeles. A couple weeks ago, I interviewed Forrester analyst Josh Bernoff who cites marketers who are finding successes in social media. All the best to Rafat and the paidContent crew for a big success next week. -- Andy Plesser