NYC Mayor Bloomberg Announces 8 Initiatives to Strengthen City's Media Industry
NEW YORK, July 7, 2009—Mayor Michael R. Bloomberg today announced eight initiatives to strengthen New York City’s media sector. The initiatives – part of a broad plan to diversify New York City’s economy – stem from MediaNYC 2020, a program the Bloomberg Administration launched earlier this year that brought together City officials and industry leaders from print, television, and Internet media to develop a strategy to maintain and enhance New York City’s position as a global media capital. The initiatives are projected to create roughly 8,000 jobs and support the growth of the City’s media sector over the next decade. Strengthening key industries and diversifying the economy is an important part of the City’s Five Borough Economic Opportunity Plan to create jobs for New Yorkers today, implement a vision for long-term economic growth, and build affordable, attractive neighborhoods. Joining Mayor Bloomberg at the announcement, which took place at the IAC world headquarters in Manhattan, were Deputy Mayor for Economic Development Robert C. Lieber, New York City Economic Development Corporation President Seth W. Pinsky, Information Technology and Telecommunications Commissioner Paul J. Cosgrave, IAC Chief Financial Officer Tom McInerney, Columbia University President Lee C. Bollinger, Fordham University President Rev. Joseph M. McShane, Levin Institute President Garick Utley, Huffington Post CEO Eric Hippeau, DFJ Gotham Managing Partner Danny Schultz, blip.tv Co-founder Dina Kaplan, Partnership for New York City President and CEO Kathryn Wylde and Trinity Real Estate CEO Carl Weisbrod.
“New York City is the media capital of the world, but – with the industry undergoing profound changes – it’s incumbent on us to take steps now to capitalize on growth opportunities and ensure we remain an industry leader,” said Mayor Bloomberg. “Through our MediaNYC 2020 program, we’ve convened leaders from media companies and local universities throughout the City to discuss the future of the industry and what the public sector can be doing to support new job growth. As a result, we are moving forward with a series of initiatives that will encourage innovation within the sector, create new jobs and position the City for long-term growth.”
New York City’s media industry employs more than 300,000 people, nearly 10 percent of the City’s private workforce, and accounts for $30 billion in annual revenue. The City has a large concentration of leading traditional media companies that are being challenged by changes to their business model and by a significant number of media start-ups. Small to medium-sized media companies, those with less than 500 employees, account for nearly one-half of all employment in the sector. While New York City-based companies account for roughly half of the nation’s revenue in magazines, books, and broadcast television and a quarter of the US market share in newspapers and cable television, growth in traditional media is slowing. It is projected to grow at one percent annually through 2015. In comparison, the new media sub-sector is growing: global mobile entertainment revenues, internet gaming traffic, social networking, and user-generated content are expected to expand significantly in the near term with annual growth rates potentially more than 35 percent. The next generation of media and technology companies is now in development, but much of the research and development is taking place elsewhere in the U.S. and abroad.