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Innovate NY: Media & Communications

Innovate New York is a project of The Levin Institute designed to support the continued economic vitality and competitive position of New York City in today’s global economy.

Principle funding comes from the Alfred P. Sloan Foundation. The current initiative is focused on Innovate New York: Media & Communications.  

The Challenge:

New York faces serious challenges and important opportunities as the impact of digital technology spreads rapidly and powerfully through the media and communications industries. While there is tremendous innovation in New York, particularly among new start-up ventures, established media and communication companies face the wrenching structural changes in their industries caused by the impact of digital technology. In sector after sector, existing business models are finding it increasingly challenging to provide sustained economic value in the face of the changing and fragmenting marketplace. Traditional television and news sectors are suffering. Advertising continues to experiment with rapidly changing media, searching for breakthroughs that can stand the test of time. Book publishing is subject to the growing pressure and presence of e-books. Overall, the picture in the media and communications industry is of a sizable, but shrinking set of legacy firms which have held dominant, now declining, market positions over time, together with a large number of small but growing entrepreneurial firms who lead in Web 2.0 and social media applications, but with smaller scale and often questionable staying power.

New York City’s leaders consider the media industry to be crucial to NYC.  Next to financial services, New York’s position as a media headquarters location and a thought-leader is considered its next greatest economic development asset – and an asset at significant risk.  The industry generates $30 Billion in sales revenues through 18,000 companies, and provides 300,000 jobs. 

Innovate New York: Media & Communications:

  • Engages influential practitioners and thought leaders in the media and communications sectors in working groups and events
  • Establishes links and dialogue between traditional and new media participants
  • Draws future scenarios of the economic impact of the shifts in media and communications on New York City’s economy
  • Delivers reports on the findings of the project

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Last Update - 4/10/13