Foursquare and LivingSocial see the $136 billion local-ad market as a growth segment for their services, according to comments by their top executives at an industry event. Foursquare is adding ways for users to get picks based on their social circle, while LivingSocial Instant offers real-time deals near a user's location. "I don't view this as the daily-deal business. I view it as the local-commerce business," said Tim O'Shaughnessy, LivingSocial co-founder and CEO.

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