New York Adds 3.6% While Boston Adds 1.9% to Employment,
According to Quarterly Report from Cook Associates Executive Search
NEW YORK/BOSTON – October 29, 2012 – Cook Associates Executive Search (www.cookassociates/executive-search), a leading retained executive search firm, today released its quarterly East Coast Internet and Digital Media Jobs Index, which tracks job creation at more than 470 companies in New York and Boston. The Jobs Index for New York showed 3.6 percent growth for the third quarter, following on the heels of 5.6 percent growth in the past quarter. Boston, on the other hand, showed lower growth of 1.9 percent after a 3.2 percent increase in jobs in the second quarter.
According to Managing Director and Index creator John Barrett, “It’s now clear that a slowdown in hiring has been occurring in this sector over the past 6 months. Things began getting soft in Boston by the second quarter. There were some signs that it was also getting a little soft in New York, but hiring is now definitely slowing down in New York. Overall, Internet and digital media jobs growth is still much stronger in New York and I expect that trend to continue.”
Barrett continued, “Things are even worse than they appear in Boston. All of the net new hiring came from just 10 companies out of the approximately 150 companies being tracked in the city. Without those 10 companies, employment in Boston was flat at best and perhaps declined slightly.”
Overall, New York added about 900 new Internet and digital media jobs while Boston added about 260. Approximately 55% of New York’s job growth came from publicly-traded companies while about 75% of Boston’s job growth was derived from public companies. This illustrates the continued strength of private company hiring in New York that’s resulting from high levels of venture investing occurring there. One example of a public company with a large headcount in both cities is Google. The Cook Associates survey shows that Google now has more than 3100 employees in New York while having just over 800 in Boston. However, Google appears to have increased its New York headcount by more than 20 percent so far in 2012 while only modestly increasing its headcount in Boston by less than 10 percent. While impressive by any measure, Google’s hiring seems to have slowed down in the third quarter along with that of many other companies.
“We expect a continued slowdown in jobs growth for the fourth quarter of 2012”, stated Barrett, “likely making the last quarter of the year the worst one in terms of jobs creation.”
Third Quarter 2012 results from Cook Associates’ Internet and Digital Media Jobs Index:
New York data:
320 Internet and digital media companies with 10+ employees in New York City
● Approximately 900 jobs added for a 3.6% gain
Percentage of companies that showed the following headcount changes:
● Increase in headcount: 58%
● Decrease in headcount: 27%
● No change: 15%
Top 10 companies showing largest headcount gains in New York include:
1. Google
2. Rent the Runway
3. Amazon
4. AppNexus
5. eBay
6. Facebook
7. LinkedIn
8. Gilt Groupe
9. Etsy
10. Warby Parker
Up-and-coming companies showing large headcount gains:
● Foursquare
● Fab.com
● ZocDoc
● Magnetic
● Tumblr
● Thrillist
● BuzzFeed
● HowAboutWe.com
● Mashable
● SignPost
● Yext
● Moda Operandi
● Outbrain
● Conductor
● Chloe & Isabel
● Yodle
● Birchbox
● BedRocket
Boston data:
152 Internet and digital media companies with 10+ employees in Boston
● Approximately 260 jobs added for a 1.9% gain
Percentage of companies that showed the following headcount changes:
● Increase in headcount: 51%
● Decrease in headcount: 35%
● No change: 14%
Top 10 companies showing largest headcount gains in Boston include:
1. Hubspot
2. Wayfair
3. Amazon
4. TripAdvisor
5. Vistaprint
6. Rue La La
7. Google
8. Constant Contact
9. Karmaloop
10. Jumptap
Up-and-coming companies showing large headcount gains:
● Visible Measures
● DataXu
● Nanigans
● Care.com
● Gemvara
● NetProspex
● WordStream
● Fiksu
● ClickFuel
● QuantiaMD
● Abine
● Moontoast
● Skyword
Cook surveyed only pure-play Internet and digital media companies. Based on its research, the company believes that the businesses surveyed represent more than 90 percent of the Internet and digital media employees in New York and Boston. Virtually all companies in the survey are currently or were previously financed by venture capital investors. Major digital sub-sectors covered include media/content, social networking, advertising, mobile media/commerce, e-commerce, video, local, analytics and marketing software. Excluded from the survey were digital-focused employees of “traditional” companies and digital ad agencies. Cook Associates continually adds or subtracts companies for inclusion in the Index based on the criteria of employing 10 or more employees in either the New York or Boston metropolitan areas. Cook’s East Coast Internet and Digital Media Jobs Index is current as of October 1, 2012.
John Barrett:
LinkedIn: http://www.linkedin.com/in/johnbarrett3
Twitter (@jbarrett): https://twitter.com/#!/jbarrett
About Cook Associates Executive Search
Cook Associates provides retained executive search services to multinational corporations, early-stage entrepreneurial companies, midcap, privately held and family-owned businesses, as well as venture capital- and private equity-backed firms. The company’s reputation as a trusted business advisor is built on decades of successfully identifying and guiding clients to the right solutions to drive performance and gain competitive advantage. For more information, visit www.cookassociates.com.
Online:
Web: www.cookassociates.com
Twitter: https://twitter.com/#!/CookAssociates
LinkedIn: http://www.linkedin.com/company/20163
John Barrett, Managing Director, was recently featured in Scott Kirsner's recent blog, "Understanding How Hiring Really Happens: HR Execs, Founders and Recruiters Spill Secrets." To read the full article, click
here.
New York Adds 5.6% While Boston Adds 3.2% to Employment,
According to Quarterly Report from Cook Associates Executive Search
NEW YORK/BOSTON – July 23, 2012 – Cook Associates Executive Search (www.cookassociates/executive-search), a leading retained executive search firm, today released its quarterly East Coast Internet and Digital Media Jobs Index, which tracks job creation at more than 400 companies in New York and Boston. The Jobs Index for New York showed 5.6 percent growth, following on the heels of 6.2 percent growth in the past quarter. Boston, on the other hand, showed lower growth of 3.2 percent after an 8.0 percent increase in jobs in the first quarter.
According to Managing Director and Index creator John Barrett, “The real story in New York’s jobs growth is the impact being felt from West Coast companies. Specifically, 40 percent of the increase came from West Coast companies that have invested in New York, including Google, Facebook, Amazon, Yelp, Pandora, Zynga, Spotify and LinkedIn. Overall, New York added about 1,300 new jobs during the quarter in the Internet and digital media sector. Boston’s addition of about 400 new jobs was more tepid, which is to be expected given that venture capital funding is about one-half that seen in New York, and West Coast companies aren’t investing as much in Boston.”
The venture capital dollars are largely going toward a few major trends in technology. Specifically, New York’s growth is currently being driven by: innovative e-commerce models, digital advertising technology driven by “big data” and automation, and social networking platforms that find creative ways to connect people. New York’s start-ups tend to be far more consumer-oriented. Boston’s start-ups, however, tend to be more B2B-focused. Like NYC, Boston has many start-ups focused on digital advertising technology leveraging “big data” and work flow automation. Boston is also showing it’s a leader in local as well as mobile advertising/e-commerce. In addition, Boston has a number of successful start-ups focusing on marketing automation software targeting small businesses.
For the remainder of 2012, Barrett expects hiring trends to mirror what was seen in the second quarter. “The jobs engine in New York will continue to fire on all cylinders while Boston will certainly grow but likely at only half the rate of NYC,” he noted.
Second Quarter 2012 results from Cook Associates’ Internet and Digital Media Jobs Index:
New York data:
298 Internet and digital media companies with 10+ employees in New York City
● Approximately 1300 jobs added for a 5.6% gain
Percentage of companies that showed the following headcount changes:
● Increase in headcount: 65%
● Decrease in headcount: 26%
● No change: 9%
Top 10 companies showing largest headcount gains in New York include:
1. Google
2. Amazon
3. eBay
4. ZocDoc
5. AppNexus
6. Quidsi
7. Facebook
8. Fab.com
9. LinkedIn
10. Buzzfeed
Up-and-coming companies showing large headcount gains:
● [x+1]
● Birchbox
● Complex Media
● FiftyOne
● Mashable
● Meetup
● Quirky
● Sailthru
● ScrollMotion
● Seamless
● SkillShare
● Tasting Table
● Tumblr
● Rent the Runway
● Warby Parker
Boston data:
137 Internet and digital media companies with 10+ employees in Boston
● Approximately 400 jobs added for a 3.2% gain
Percentage of companies that showed the following headcount changes:
● Increase in headcount: 59%
● Decrease in headcount: 31%
● No change: 10%
Top 10 companies showing largest headcount gains in Boston include:
1. Vistaprint
2. Turbine
3. TripAdvisor
4. Google
5. Wayfair
6. Constant Contact
7. TechTarget
8. HubSpot
9. Care.com
10. Fiksu
Up-and-coming companies showing large headcount gains:
● Bluefin Labs
● Cartera Commerce
● CustomMade
● DataXu
● Hopper
● Jana
● Nanigans
● NetProspex
● nSphere
● Percipio Media
● Rue La La
● Scvngr
● SimpleTuition
● TipTap
● Visible Measures
● WordStream
Cook surveyed only pure-play Internet and digital media companies. Based on its research, the company believes that the businesses surveyed represent more than 90 percent of the Internet and digital media employees in New York and Boston. Virtually all companies in the survey are currently or were previously financed by venture capital investors. Major digital sub-sectors covered include media/content, social networking, advertising, mobile media/commerce, e-commerce, video, local, analytics and marketing software. Excluded from the survey were digital-focused employees of “traditional” companies and digital ad agencies. Cook Associates continually adds or subtracts companies for inclusion in the Index based on the criteria of employing 10 or more employees. Cook’s East Coast Internet and Digital Media Jobs Index is current as of July 1, 2012.
John Barrett:
LinkedIn: http://www.linkedin.com/in/johnbarrett3
Twitter (@jbarrett): https://twitter.com/#!/jbarrett
John Barrett and Cook Associates' Internet and Digital Media Jobs Index was recently featured in NYConvergence -- New York Tech Surges Ahead of Boston Due to Abundant Capital. To read the full story, click
here.
Nearly 350 New York and Boston Companies Employ 30,000, According to First Quarterly Report from Cook Associates Executive Search
CHICAGO – January 16, 2012 – Cook Associates Executive Search (www.cookassociates.com/executive-search), a leading retained executive search firm, today released its first quarterly East Coast Internet and Digital Media Jobs Index, which tracks job creation at almost 350 digital media companies in Boston and New York. Cook Associates found that these two cities employ approximately 30,000 individuals in the digital media sector.
According to John Barrett, a Managing Director in Cook Associate’s Digital Media Practice, “Silicon Valley is synonymous with venture capital, yet the East Coast has also attracted significant venture capital dollars, especially in the explosive digital media sector. Boston and New York have exceptional talent pools that are growing. In addition, many of the largest public players such as Google continue to expand hiring on the East Coast. We found a number of surprises in digital media employment in New York and Boston. We’ll be following digital media hiring trends as we benchmark industry growth in these cities.”
Index data indicate that New York is home to a larger number of newer companies that have emerged in the past five years. While Boston’s hiring trends will continue to be favorable, digital media headcount in New York City in the future will likely grow at a faster rate given the current venture investment trends favoring that city. Another proof-point of New York City’s surge in start-up activity is that only 50 percent of NYC-based employees work for a publicly-traded company, whereas 59 percent of Boston-based employees work for public companies, reflecting that many of the older start-ups in Boston have been gobbled up by larger enterprises.
Barrett noted, “Our study focused on identifying those digital media companies with 10 or more employees. We tallied more than 10,900 digital media employees in Boston while there are over 19,600 in New York City. Despite Boston not being known as a large consumer-driven town, we were surprised to find over 6,400 people employed in consumer Internet companies, about 59 percent of the total for the city. By comparison, New York City has approximately 13,500 employees, or 71 percent of the total, in the consumer Internet sector. Not surprisingly, large national players such as Google, Yahoo and AOL, each have large offices in both cities. Up-and-coming employers in New York include Gilt Groupe, Etsy, Yodle and Ideeli while Boston has Wayfair, Hubspot, Rue La La and Carbonite.”
New York data:
230 digital media companies who have 10+ employees in New York City
-50% of companies are consumer-focused vs. 50% business-focused
-Top 20% of largest employers in NYC employ 68% of the headcount
Approximately 19,600 NYC-based employees among those 230 companies
-50% working in public companies vs. 50% in private companies
-71% working in consumer-focused companies vs. 29% in business-focused companies
Boston data:
116 digital media companies who have 10+ employees in Boston
-46% of companies are consumer-focused vs. 54% business-focused
-Top 20% largest employers in Boston employ 67% of the headcount
Approximately 10,900 Boston-based employees among those 116 companies
-59% working in public companies vs. 41% in private companies
-59% working in consumer-focused companies vs. 41% in business-focused companies
Cook surveyed only pure-play digital media companies. Based on its research, the company believes that the businesses surveyed represent more than 90% of the digital media employees in New York and Boston. Virtually all companies in the survey are currently or were previously financed by venture capital investors. Major digital sub-sectors covered include media/content, social networking, advertising, mobile media/commerce, e-commerce, video, local, analytics and marketing software. Excluded from the survey were digital-focused employees of “traditional” companies and digital ad agencies. Cook’s East Coast Digital Media Jobs Index is current as of January 1, 2012.
For more information about Cook Associates’ Digital Media practice, please visit http://www.cookassociates.com/executive-search/practice-areas/digital-media---entertainment/ Follow Managing Director John Barrett on Twitter at @jbarrett.
About Cook Associates Executive Search
Founded by executive search pioneer Ruth Cook in 1961, Cook Associates Executive Search has thrived for more than 50 years because of its commitment to securing executive-level talent to drive corporate performance for clients. We specialize in recruiting key contributors that range from independent board directors to CEOs to functional VPs and other executives. Within their respective industries, our clients are innovators that span the gamut from Fortune 100 to early-stage companies, including publicly traded, family owned, private equity and venture capital backed companies. For more information, visit www.cookassociates.com/executive-search.