Advertising giants are turning their attention to an industry that has been around for decades, and one that has already made a significant impact on the local economy, the media, and the culture of the city.
Bing is looking to lure millions of people to its advertising platform through Bing ads, according to sources close to the company.
They claim the firms are working with a group of advertising agencies, which are now trying to secure the deal.
According to sources, Bing is also in talks to enter the digital media space through partnerships with local media companies, including the Wollongong-based ABC News and local TV station WRIC.
The company is already making significant strides in this space, with its acquisition of the Australian broadcaster Channel Nine, its deal with the National Theatre, and its investment in digital media company Wollo.
But Bing is hoping to extend its reach beyond Australia and the US with a plan to build a global digital media business.
Sources say the deals with major local media brands are likely to involve partnerships with major American publishers, which will then be able to leverage their brand to attract people to the Bing platform, according for example to a New York Times article from December.
These partnerships are expected to be worth billions of dollars over the next five to 10 years, the sources claim.
In the past year, Bing has started offering Bing-branded ads on its platforms, such as its Bing Travel app and Bing Maps.
While some of the partners are already in talks, sources say that the company is in talks with local advertising agencies to launch its own advertising platforms.
It is hoped that the partnership with Wollow, which was established by Bing and Wollop in December, will also offer Bing-brand advertising.
New Zealand-based Bing is already a major player in the Australian advertising space, having bought the ad services arm of the ABC in December.