Media and Entertainment in NYC-Final

The Media

Th

M di and

d Entertainment

E t t i

t Industry

I d t in

i NYC:

NYC

Trends and Recommendations for the Future

October, 2015

Introduction

The media and entertainment industry is an important contributor to New York City¡¯s economy,

providing high quality jobs which out-performed

out performed the US economy through the financial

downturn.

This report, completed in April 2015, serves as an update to our 2012 publication. The report analyzes

the development and growth of NYC media in the period 2012 through 2014, by once again

examining different subsectors and identifying the latest trends that have shaped and will

continue to shape NYC

NYC's

s media and digital media sectors.

Since its establishment in 1966, the Mayor¡¯s Office of Media and Entertainment (MOME),

through its Office of Film, Theatre and Broadcasting (MOFTB) has served New York City¡¯s media

and entertainment industry ¨C issuing permits, coordinating services and deploying the "Made in

NY" logo and marketing campaign for qualifying productions. Under the new mayoral

administration, MOME maintains its strong commitment to fostering the Media and

y, ensuring

g its services evolve to address the latest needs of companies

p

Entertainment industry,

and workers living, working and operating within the city.

Media and Entertainment in NYC-Final.pptx

2

Copyright ? 2015 by The Boston Co

onsulting Group, Inc. A

All rights reserved.

Since our last report in 2012 the industry in New York City has seen a period of steady growth,

particularly in sub sectors like scripted TV series which offer long-term and predictable

employment.

Executive summary (I)

Continued growth of filmed entertainment industry in NYC driven by strong expansion in scripted television

?

NYC has benefited from this trend, with FTE (full time equivalent) employment growth of 3.1% per year 2011-14,

from 94K to 104K FTEs, and production spending growth of 6.4% per year, reaching $8.7 billion in '14

?

Total number of New Yorkers employed in filmed entertainment has held stable at ~130K, with crews increasingly

able to work year-round on productions, building sustainable and predictable careers

?

Widespread adoption of new TV viewing platforms has intensified competition for TV audiences

?

More networks now commissioning original TV content, including pre-existing cable networks (Bravo, Starz, AMC)

as well

e as new

e o

online

ep

players

aye s ((Netflix,

e , Hulu,

u u, Amazon)

a o )

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New series typically 8-12 episodes (vs. traditional 20+ for broadcast), with increasing turnover of shows ¨C proactive

approach to attracting new pilots and shows will be important to maintain a strong pipeline of projects

?

2011-2014 saw a decline in head office FTEs for cable and broadcast of 3.7% and 0.8% respectively, as support

functions are consolidated and moved out of NYC

NYC, and companies re-orient toward digital / data-centric talent

?

In addition to production FTEs/spend, live TV filming estimated to generate ~$45M in tourism spend each year

Movie production in NYC much more variable, as a result of dollars being concentrated in 'tentpole1' films

?

F

Fewer

but

b t larger

l

major

j studio

t di movies

i produced

d

d each

h year iin th

the US2 , causing

i variability

i bilit in

i NYC movie

i production

d ti

?

Decision to locate a production in NYC driven by a broad range of factors including: Script, cost, preference of key

talent, availability of stage, and potential complexities associated with filming desired action sequences and stunts

?

Increasing fluidity between TV and movie production jobs helps buffer the workforce from this variability

1. A "tentpole" production is a movie or television show that supports the financial performance of a movie studio or television network 2. e.g., looking at the top 100 grossing movies each year '11'14 vs. '01-'04 , we see a 16% decline in the total number of movies released by the major studios and their subsidiaries, with a 33% decline in movies with budgets ................
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