Good News, Entrepreneurs: LA's Business Growth to Increase
Netflix. Hulu. Amazon. These three giants have changed the way people consume movies and TV by disrupting old distribution models...and now they're all media creators in their own right.
But even as they've changed the industry, one thing hasn't changed: Los Angeles is the city for creating movies and TV.
Digital media is the source of 200,000+ jobs in Los Angeles and in a neighboring county—a 12 percent jump from 10 years ago. "We know that digital media is on the rise in Los Angeles," said Chris Rico, Los Angeles County Economic Development Corp.'s director of innovation and the digital media industry cluster development. "People can see it. Everybody has access to content in their hands 24 hours a day, which has created a massive proliferation of content, and L.A. is where people come to create content."
A new report from the LAEDC, together with the Los Angeles Chamber of Commerce and a group of local community colleges, predicts that digital media jobs will increase by 7% over the next five years—most of them from companies like Netflix or Amazon Studios. The media distribution industry alone will likely grow by 20 percent in the next few years, far outstripping older media companies.
The Opportunity Isn't Just for Media Professionals
As LA attracts companies looking to grow aggressively in media creation and distribution, it's going to attract workers with more and more disposable income. When that happens, the result is broader economic opportunities for entrepreneurs of all kinds. Construction, service, B2B companies, marketing—all of these industries benefit from the growth of LA's media.
For years now, the number of people coming to LA for opportunity has outnumbered the people leaving LA for new opportunities. That's worth celebrating if you ask us.
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