The city of New York is continuing to show its growth and success in the entertainment industry. In fact, some of the most successful businesses in the world are based here. With this comes a few benefits for New York City, including job creation, economic development, state tax revenue, and more. Here are some benefits of having an entertainment business in NYC.
• Job Creation
In New York City, entertainment businesses can create jobs that wouldn’t be possible otherwise. In addition to this, these industries support the growth of other industries in the city. For example, it supports local restaurants and hotels in the city.
Additionally, entertainment businesses provide job opportunities for people with a wide range of skillsets. They can be entry-level positions or opportunities for skilled professionals to further their careers.
Furthermore, many people who work in these industries don’t have other employment opportunities; they rely on their performances as their primary source of income.
• Economic Development
New York City is a major financial center, meaning the city boasts huge wealth. As a result, it’s not uncommon for businesses to flock to New York due to its large population and high concentrations of industry.
The city has experiences an influx of high-tech companies that have brought with them jobs and tax revenue. These companies include Google, Facebook, and Amazon—all three of which are based in NYC. With these benefits, NYC can maintain such high levels of economic development without much difficulty.
• Tax Revenue
New York’s entertainment industry is responsible for over $30 billion in tax revenue annually. With that, the city has been able to fund programs and initiatives like education, health care, and growth.
Even more, the industry contributes to over 309,000 jobs. People who work in the industry are also some of the highest-paid workers in the United States, with a median income of $75,000.
This means that if you own an entertainment business in NYC, you’re not only creating space for your company but also helping out your city as well.
The New York City economy is doing great thanks to its thriving entertainment industry, and this is all thanks to people who are invested and dedicating their time to owning a business here.
• State benefits of NYC.
New York City is home to many entertainment companies, which creates several benefits for the city.
For example, over 400,000 jobs in NYC’s entertainment industry are second in the nation only to Los Angeles. The average salary in this industry is $84,942 per year.
Additionally, New York City has been ranked the 9th best city for attracting and retaining talent by Forbes. It also helps that New York State depends heavily on the entertainment industry for economic development since it makes up 4 percent of employment in New York State.
New York City has attracted some of the largest companies and organizations in the world because of its diverse culture and innovation. This diversity means that your business can find a sector that it’s interested in without having to look too far.
