Hyperlocal is largely a marketing term used by regional news organizations in an attempt to appear more localized than regional.
When not being used as a marketing term, hyperlocal means coverage of a very specific local area at the expense of the region around it. Large cities such as Chicago or New York may have news organizations that can pull off hyper local coverage of those cities. However. Don’t expect Channel 8 West Bumbleton Arkansas to be able to offer hyperlocal coverage, as West Bumbleton probably only has 3 news stories on a given day, 2 of which relate to cows.
Hyperlocal has been all the rage since the 90s, and news organizations all over the country have tried to use hyperlocal coverage as a selling point. Unfortunately, hyperlocal advertising does not make much money on the whole and most organizations go back to regional coverage and regional marketing plans.
News consumers are also an interesting lot when it comes to hyperlocal coverage. They will tell you until they are blue in the face that they only want to hear about stories in their specific city. Residents of West Bumbleton, Arkansas, as an example, will claim they only want to hear about the goings on of their town, but if any news station or newspaper were to exclusively cover West Bumbleton, ratings and readership would drop like a West Bumbleton cow in a cow-tipping contest.