SILICON ALLEY STRUTS ITS STUFF
POOR SILICON ALLEY. The denizens of New York's multimedia scene get no respect, especially from their well-financed fellows in Silicon Valley--who view them as hip but commercially hopeless.
True, many New York new-media outfits are struggling. Yet a new study by Coopers & Lybrand finds the nearly 5,000 new-media companies or corporate divisions in Greater New York are alive and Rollerblading. They're expected to pull in some $5.7 billion in revenues this year, a 33% annual hike--and $2.8 billion in just the city. Gotham's new-media-ites employ 32,000, more than TV broadcasting.
The study doesn't quantify profits since many firms are private. Of the 5,000 firms, 83% have less than $1 million in sales. The biggest ($5 million-plus), such as Sony Online Services, make 72% of the local money.
EDITED BY LARRY LIGHT
Updated Oct. 23, 1997 by bwwebmaster
Copyright 1997, Bloomberg L.P.