Over the long term, however, current usage levels will not hold (in the absence of radical product innovation). The anecdotal and empirical information argues too forcefully against it. It is a question of time. Broadband took ten years to arrive, but now that it has its impact is starting to be felt.

The future, however, will not likely be a zero-sum substitution of online for print. What is perhaps more likely is segmentation of the audience and a general diminution of print's status from the primary vehicle for local to a more limited tool that is perceived as useful in certain situations but not in others. The great risk is that print YP will become a second-choice medium when the Internet is not available.

That rather gray scenario need not be a foregone conclusion. Significant print product innovation, intelligent online and mobile product development and aggressive marketing and distribution can make the holistic (read multi-platform) notion of Yellow Pages competitive into the future.