New York City has more media jobs and is home to more multibillion-dollar media companies than any other city in the world. But what will the City’s media landscape look like in coming years as new technology disrupts business models and emerging markets continue their growth?
An answer can be found in a newly published report detailing the findings of the “Media.NYC.2020” initiative undertaken by the New York City Economic Development Corporation (NYCEDC).
“While the sector will undoubtedly continue to face future challenges, we are committed to creating growth opportunities that build on our strong history of leadership and ensure that we remain the global leader for many decades to come.”
The Media.NYC.2020 Final Report paints a picture of what the media industry will look like in 2020 and recommends ways in which New York City and the private sector can work together to maintain and enhance the City’s position as a global leader in the media industry.
Oliver Wyman served as NYC’s knowledge partner in supporting the Media.NYC.2020 initiative. More information and a link to the report can be found at www.oliverwyman.com/media_nyc_2020.htm.
The Media.NYC.2020 Final Report outlines three possible scenarios for the City’s media evolution – fragmentation, a new equilibrium, and further concentration – and highlights several initiatives, launched by Mayor Bloomberg over the last two years that were initiated through Media.NYC.2020 findings. These initiatives include:
- Cultivating collaboration among the City’s start-ups, media companies, and academic institutions through the NYC MediaLab
- Fostering innovation through the NYC BigApps Competition, developed in partnership with the Department of Information Technology and Telecommunications to provide software developers with access to City datasets
- Spurring entrepreneurship through low-cost, shared workspace for start-ups through incubators
- Investing in seed-stage companies through the NYC Entrepreneurial Fund
- Mentoring enterprising New Yorkers through NYC Venture Fellows and JumpStart
Martin Kon, the Partner in Oliver Wyman’s Media & Entertainment practice who led support of Media.NYC.2020, comments: “The pace of change in media is such that, at this week’s Consumer Electronics Show in Las Vegas, devices and applications that debuted will likely materially impact the media industry…but the same will be true again next year. Innovation is not waiting for any slower players. The thoughtful process that the NYCEDC followed in its Media.NYC.2020 initiative will greatly help New York City remain a leader in fostering innovation and supporting economic development in the rapidly evolving media space.”
“As we continue to cultivate the 21st century economy here in New York City, the Media.NYC.2020 report will help ensure that the City’s media sector remains the most forward-looking, international, connected, innovative, and adaptive on the planet,” said New York City Economic Development President Seth W. Pinsky.
“While the sector will undoubtedly continue to face future challenges, we are committed to creating growth opportunities that build on our strong history of leadership and ensure that we remain the global leader for many decades to come.”
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Tags: future of tech in NYC, Media.NYC.2020, NCY Economic Development, New York City, startup accelerators
