New York City looking for ways to come to the aid of its media companies

New York's mayor, Michael Bloomberg, has launched an initiative to come to the aid of the metropolis's ailing media industries, according to a story in the New York Observer.

The media industry is one of the largest in the city, accounting for more than 160,000 jobs and $15 billion in wages, and occupying more than 14 percent of Manhattan’s office space. [The Economic Development Corporation] EDC envisions the study as a yearlong effort that would include CEO round tables, workshops with industry professionals and suggested policy actions to bolster the industry.

The city has put out a proposal call for consultants who can report back on trends and what steps the city can take to help media industries.

While its language is broad in its request for consultants, the city does not seem to be searching for suggestions on how to prop up dying mediums. Rather, EDC seems to be focused on receiving recommendations on how to help many of the old, “traditional media” companies heal their wounds and better adapt to the digital world, while also attracting and growing Internet and tech-focused firms.

“This is aiming at media broadly defined, but we’re interested primarily in the transition from traditional media outlets into the electronic age,” [Stephen]Strauss [vice-president of EDC] said.

New York State's Department of Labor said about 144,000 people were employed in the city’s private media sector in 2007, up substantially from 129,000 in 2005, but about 7 percent lower than the high of 155,000 seen in 2001. Publishing, television and radio broadcasting have seen minimal job growth in the past four years or so.

Carl Weisbrod, the president of major landlord Trinity Real Estate says despite the declining workforce of larger, old publishing and print media companies, he sees much growth in the long term.

“With all creative industries, probably as with all industries, there are twists and turns. We really think that these kinds of companies are the ones that are creating jobs, and where the future of the city’s economy really lies.”