According to The Local Onliner (the blog of veteran local-search industry analyst Peter Krasilovsky), YellowPages.com will see $1.5 billion across 3 AT&T screens by the year 2010.

While the other telcos have divested their Yellow Pages unit, AT&T still maintains that there is real synergy in pursuing a 3 screen strategy,  Krasilovsky wrote last December 12.

Rather than selling the YP unit and using the proceeds to build out its network, as Verizon did, AT&T is betting that there is a home field advantage in keeping its landline, mobile and U-Verse video customers intact, and selling advertising especially local advertising across the digital channels.

It’s a huge bet, according to the Kelsey Group analyst, but he likes the ambition of it all. In an fiercely competitive video marketplace, U-Verse has apparently already been riding through some birth pains, while mobile advertising, on the other hand, needs to be very carefully handled.

AT&T Group President of Diversified Businesses, Ray Wilkins (who spoke at the company’s 2007 Analyst Conference), noted in his message that revenues are currently $600 million, but that he hopes to see $1.5 billion in non-print advertising revenues in three years, i.e. 2010.

Yellowpages.com, especially, is the core of the opportunity, since it represents a giant umbrella for all the products,Krasilovsky explained. It is expected to get 30% revenue growth CAGR over the three-year period.

The grounds for these projections is integrated sales from the YP sales force, a boost in searches from two billion to three billion; the integration of Ingenio’s Pay-Per-Call platform; and the general growth from search revenues, especially on the mobile side.

Wilkins also noted that 18 million wireless handsets will be pre-installed for AT&T mobile search next year, and enabled in 20 million others. By the end of the 2007, he predicts digital ad insertion will begin in U-Verse homes.

The opportunities are very exciting but success in deliverying revenue will depend on how adaptable the sales force is to embracing the complexities of the myriad of new technologies.