New York's entertainment industry is stronger than ever: Report
New York's film and TV industry is stronger than it has ever been, pumping $7.1 billion into the local economy in 2011 and bringing in some $60 billion over the last decade, according to a study released Tuesday.
The growth makes New York a very strong second to Hollywood itself; Los Angeles employs some 642,000 workers as of 2011 in creative entertainment industries, which generate about $129 billion in revenue, according to the Los Angeles County Economic Development Corporation.
The study from the Boston Consulting Group, which examined the economics of the city's TV, film, advertising, and digital and traditional media industries, showed that the sector as a whole employs some 275,000 New Yorkers combined and put $80 billion annually into the city's economy. Many of those jobs have been created in the past few years, including 30,000 in TV and film since 2004, going against a national trend of job losses.
The study found that digital media has also exploded in the city, now accounting for about 25,000 jobs and more than $8 billion in revenue.
Mayor Michael Bloomberg said the growth is largely due to a conscious effort to improve the industries' infrastructure in the city, and has helped to keep the city's economy afloat.
"Without a doubt, our blooming media and entertainment industry is one of the main reasons we have weathered the national recession better than the rest of the country," he said yesterday at "Saturday Night Live's" Studio H8, flanked by "SNL" star Seth Meyers.
"This report confirms what I've been seeing on sets and soundstages around the city: The film and television industry in New York City has never been bigger," Bloomberg said.
The city, which serves as a setting for shows such as "30 Rock," "Gossip Girl" and "Girls," appeals to film- and TV-makers because of its unmatchable locales and true connection with 21st century life, said Ron Simon, curator of TV and radio at The Paley Center for Media.
"New York is being explored more by filmmakers than ever, going to other boroughs now and not just focusing on Manhattan," Simon said.