BCG: Evaluating NYC media sector development and setting the stage for future growth

A real BCG presentation on “Evaluating NYC media sector development and setting the stage for future growth”.

BCG Presentation: Evaluating NYC media sector development and setting the stage for future growth

Key Learnings from the Presentation

The Boston Consulting Group’s report titled “Evaluating NYC Media Sector Development and Setting the Stage for Future Growth,” dated May 8, 2012, provides an in-depth analysis of the growth trends and strategic positioning of the media sector in New York City. Here’s a detailed summary capturing the essential insights and recommendations:

Key Insights on NYC Media Sector Development

Strong Growth Despite National Trends:

• The NYC media sector continues to grow, bucking national trends of decline.
• Employs approximately 275,000 people and generates over $80 billion in revenues.
• Media sector jobs in NYC pay an average of $111,000 annually, 42% above the city’s average salary.

Sector-Specific Growth:

• Filmed production in NYC has increased significantly, employing around 130,000 people and spending $7.1 billion.
• Digital media has shown remarkable expansion, employing about 25,000 and contributing over $8 billion in revenue.
• Broadcasting revenues grew slowly, while cable showed strong performance, balancing the sector.

Infrastructure and Initiatives:

• NYC has invested in infrastructure to support media growth, including the creation of the NYC Digital Office and initiatives like the Engineering and Applied Science Campus.
• Public-private partnerships and city support programs are vital in maintaining NYC’s competitive edge as a top media hub.

Challenges and Opportunities

• The growth in NYC’s media sector is driven by a robust digital ecosystem and significant investments in digital and tech companies.
• The city’s strategic initiatives focus on enhancing digital infrastructure, promoting sector growth, and nurturing talent through education and training programs.
• Challenges include adapting to rapid technological changes, managing high real estate costs, and ensuring sufficient digital talent supply.

Recommendations for Future Growth:

Strengthen Digital Infrastructure:

• Continue to develop digital infrastructure and support facilities like the NYC Media Lab to foster innovation and start-up growth.

Enhance Talent Development:

• Expand programs that bridge the gap between traditional media skills and digital competencies.
• Promote technical education and partnerships with universities to sustain a pipeline of skilled professionals.

Promote Sector Integration:

• Encourage integration across different media subsectors to leverage synergies and innovative content production.
• Support traditional sectors like publishing and broadcasting to transition and compete in the digital age.

City Support and Promotion:

• Increase efforts to market NYC as a leading media hub globally.
• Foster community engagement and collaboration within the sector to drive collective growth and innovation.

About Boston Consulting Group (BCG)

BCG is a global management consulting firm with a wide range of services in strategy, operations, corporate finance, and sustainability, among others. It is well-known for its innovative approach to solving business and societal challenges. BCG places a strong emphasis on thought leadership and has made significant contributions to business strategy concepts. The company is committed to delivering solutions that combine human insight, technology, and strategic vision to drive competitive advantage and growth for its clients.

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