. NYC Media Firms See Ad Revenue Drop
Media companies, which according to Crain's account for more than 160,000 jobs and $15 billion in wages, have been hit particularly hard by the economic downturn.
The daily newspapers, for instance, have seen a steep drop in their classified advertisements and have yet to figure out effective means to monetize their Web sites while competing with "free" newspapers handed out to subway riders daily. Book publishers have seen a large drop in sales, which Crain's doesn't delve into the reason behind and which given their small profit margins, have had to lay off employees. Broadcasters haven't fully escaped given the prospective loss of advertising revenue from automaker advertisements.
Currently, the NYC Economic Development Corporation is organizing a study to determine how NYC can maintain its media leadership as more media shifts to the Internet.
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