MUMBAI: The film and television industry has spent $60 billion in New York City over the past decade and television production is now at an all-time high, city Mayor Michael R. Bloomberg said while announcing the results of an economic study conducted by the Boston Consulting Group that details the growth and economic impact of New York City?s media and entertainment industries.

According to the BCG report, over the last ten years filmed entertainment in New York City has seen remarkable growth and is currently the strongest in its history, generating direct spending of $7.1 billion in 2011, an increase of over $2 billion dollars annually since 2002. Film and television production now employs 130,000 people, an increase of 30,000 jobs since 2004.

New York City has also maintained leadership in the broader media sector which supports over 275,000 direct full-time equivalent jobs and generates more than $80 billion in direct revenues annually, the report said.

From 2002 to 2011, while nationwide media employment shrunk and the industry rapidly evolved, New York was able to drive significant job and revenue growth, continuing to attract new companies in all sectors and increased its importance as the major media hub and growing its share of nationwide media employment from 9.4 per cent to 10.8 per cent. Since 2002, New York has created 40,000 media sector jobs while the U.S. has shed 40,000 jobs.

?This report confirms what I?ve been seeing on sets and sound stages around the city ? the film and television industry in New York City has never been bigger,? said Mayor Bloomberg. ?In fact, our entire media landscape ? from digital media to advertising ? has shown strong growth throughout the economic downturn. The strength of these industries is a key reason we?ve weathered the recession better than the rest of the country ? and it is confirmation that our strategy to diversify our economy is working.?

Additionally, the Partnership for New York City?s investment fund has established a $2 million revolving loan facility to assist special effects and post-production companies that are expanding their operations in New York City. The first loan will be made to Look Effects, whose New York offices are located in Brooklyn, for $200,000.

BCG?s report aims to analyse the development and growth of the City?s media by examining different subsectors and identifying the main trends that have shaped and will continue to shape local media and digital media sectors.

Filmed Entertainment

According to the report, despite a nationwide industry decline, 30,000 jobs were created in New York City?s filmed entertainment industry since 2004, and the sector?s spend has grown by 70 per cent since 2002. The industry today accounts for $7.1 billion in spend and employs 130,000 people.

This growth was been accompanied by private infrastructure investment, expanding studio and post-production capacity. Television and film studio space has nearly doubled, and the post-production industry has also grown significantly. TV productions grew by nearly 82 per cent, driving most of the sector growth with an increase in dramas, reality and talk shows. TV production also supports an increase of 14,000 jobs.

Digital Media

Since 2002, the local digital media sector has surged in the City to now account for revenue of over $8 billion and full-time employment of 25,000 people. The City?s share of national media and entertainment venture capital investment has gone from 10 percent in 2002 to over 26 percent in 2011, funneling $500 million to local media start-ups in 2011 and making Silicon Alley the second largest market for digital media investments nationally, after the Silicon Valley.

Hundreds of local digital start-ups have been founded in the last few years with a significant proportion in media and entertainment. In recent years, large companies have opened and increased their New York presence. Google opened its engineering office in 2007, Twitter opened an office in 2011, and Facebook announced the opening of its first engineering office outside the West Coast in 2012. New York City?s unique combination of financial, advertising, creative, technical and cultural resources positions the City as major center for digital media.

Advertising and Publishing

New York City?s advertising industry has shown strong growth both in terms of jobs and revenues over the past ten years. Local advertising jobs increased 18 per cent since 2002, while nationwide jobs have decreased significantly. Many traditional agencies acquired digital capabilities and are now leaders in producing multi-media campaigns.

Publishing, faced with increased competition from Internet advertising, social media and proliferation of content distribution platforms, has experienced a nationwide decline with lower advertising and newsstand revenues. However, in New York City, publishing companies have shed jobs at a lower rate than nationwide. Many publishers have been able to offset the decrease in newsstand revenues with growth in digital publications for tablet devices and e-readers. Overall, publishing continues to be an important source of jobs and revenues to the City.