NEW YORK – 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).
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.”
About Oliver Wyman
Oliver Wyman is a global leader in management consulting. With offices in 50+ cities across 25 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, organizational transformation, and leadership development. The firm’s 3,000 professionals help clients optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global team of professional services companies offering clients advice and solutions in the areas of risk, strategy, and human capital. With 52,000 employees worldwide and annual revenue exceeding $10 billion, Marsh & McLennan Companies is also the parent company of Marsh, a global leader in insurance broking and risk management; Guy Carpenter, a global leader in risk and reinsurance intermediary services; and Mercer, a global leader in human resource consulting and related services. For more information, visit www.oliverwyman.com. Follow Oliver Wyman on Twitter @OliverWyman.
