NYC: The New Media and Entertainment Industry Capital?
By all accounts the media and entertainment industries are growing in New York City. According to a report by the Boston Consulting Group, New York City’s film sector generated $7.1 billion in 2011, an increase of over $2 billion since 2002 and the sector now employs 130,000 people, an increase of 30,000 jobs since 2004. Additionally, the Center for an Urban Future published stats on digital tech startups: 486 digital startups have formed in NYC since 2007 with an accompanying increase in jobs in the digital media sector of 74% through 2010.
To support this growth, New York City has resources for media and entertainment entrepreneurs.
The Strategic Steps for Growth Media and Entertainment Program is a nine-month executive educational program that provides participants with the tools to grow their businesses. The program, designed specifically for media and entertainment entrepreneurs, is offered by the Mayor’s Office of Media and Entertainment and NYC Business Solutions in partnership with New York University Stern School of Business’ Entertainment, Media and Technology Program.
To date, 41 graduates of the program have increased revenues by an average of over 40% and hired over 100 new employees through 2011.