According to a new study of the economic impact of New York City’s media and entertainment industries conducted by the Boston Consulting Group (BCG), New York’s filmed entertainment industry now contributes $8.7 billion to the local economy, an increase of more than 1.5 billion, or 21%, since 2011. Full-time equivalent jobs in the city’s industry have grown 10%, from 94,000 to 104,000 over the last four years,
According to the report, New York is one of only three cities in the world with a filming community large enough to enable a production to be made without needing any roles to be brought in from other locations, including cast, crew members and the creative team. Additionally, a rich real-life history, iconic locations, diverse storytellers and top talent are among the reasons productions choose to film in New York City.
“There’s something special about New York City – and the TV and film industry has picked up on it. The filmed entertainment industry channels nearly $9 billion into our local economy each year, supporting the creation of thousands of dependable good-paying jobs and showcasing the history, creativity and vivacity of our people and our city,” said Mayor Bill de Blasio. “NYC has always been at the forefront of media and entertainment. The BCG’s independent study shows that we’ve escalated our growth to unprecedented levels, and will continue to do so over the next several years. That’s good news for audiences and that’s good news for New Yorkers.”
The recent growth in TV production is driven by the proliferation of networks, including digital and cable, commissioning scripted content. This, in turn, has fueled competition for television audiences. In 2004, three networks broadcast scripted shows shot in New York City while 10 years later, 19 networks commissioned dozens of original series. The 2014-2015 season saw an increase of episodic series, from 29 series in the 2013-2014 season to a record 46 series in the 2014-2015 season, the largest increase in city history. This trend is expected to continue through at least the next five years. Historically, production crews would have down-time between movies or in the summer break between TV series. Today, TV productions are not only more numerous, but they are produced year-round. This combination has enabled a critical shift toward dependable year-round employment in the industry.
“The media and entertainment industry is a key contributor to New York City’s economy,” said Sushmita Banerjee, principal of Boston Consulting Group. “We continue to see steady growth, particularly in sub sectors like scripted television. It is significant that crews are increasingly able to work back-to-back on these productions, year-round, enabling them to forge sustainable careers in the industry.”
While television has seen the greatest increase, New York City was home to 242 film productions in 2014 and as of this month, 256 films have been shot so far in 2015. Several large-scale films, such as Teenage Mutant Ninja Turtles 2 and Money Monster, are among the blockbusters that have been in production in the city this year.
The Mayor’s Office of Media and Entertainment commissioned the Boston Consulting Group to prepare the report.
