FourSquare will begin selling ad space

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Foursquare, the New York-based geolocation app and social network that recently claimed 20 million users worldwide, will launch a new “advertising platform” in mid-June, Advertising Age reports.

The platform is expected to allow companies to buy localized ads targeted to user searches for establishments and goods, similar to how Google displays advertisements geared toward usersearch queries.

Foursquare has yet to confirm the platform, but it comes on the heels of a new advertising initaitive announced by blogging platform Tumblr, another NY-based company, which had previously eschewed the very idea of advertising. Tumblr’s platform will go live in June.

Peter Schorsch is the President of Extensive Enterprises and is the publisher of some of Florida’s most influential new media websites, including SaintPetersBlog.com, FloridaPolitics.com, ContextFlorida.com, and Sunburn, the morning read of what’s hot in Florida politics. SaintPetersBlog has for three years running been ranked by the Washington Post as the best state-based blog in Florida. In addition to his publishing efforts, Peter is a political consultant to several of the state’s largest governmental affairs and public relations firms. Peter lives in St. Petersburg with his wife, Michelle, and their daughter, Ella.