2012 Press Releases

Internet and Digital Media Jobs Index Shows Jump

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Boston Gains 8.0% while New York Gains 6.2%,
According to Quarterly Report from Cook Associates Executive Search 

CHICAGO – April 10, 2012 – Cook Associates Executive Search (www.cookassociates.com/executive-search), a leading retained executive search firm, today released its second quarterly East Coast Internet and Digital Media Jobs Index, which tracks job creation at almost 400 digital media companies in Boston and New York including Facebook, Google, TripAdvisor and Gilt Groupe. Covering the first quarter of 2012, the Cook Associates Index reveals that hiring in this sector is up in both cities, with a gain of 8.0% in Boston and 6.2% in New York since Q4 2011. Combined, these two cities currently employ approximately 33,000 individuals in the digital media sector.

John Barrett, a Managing Director for Cook Associates’ Digital Media Practice, stated, “Boston and New York City each showed very strong gains in employment in this key sector, but the strength of hiring in Boston is especially surprising given that technology investing in the city has been lagging well behind New York for the past 24 months.”

New York’s job gains were significantly impacted by West Coast companies, such as Google, LinkedIn, Facebook and Amazon, which have either made acquisitions or set up offices in New York. In addition, a number of newer companies have received substantial venture funding in the past two years, leading to major bumps in hiring for companies such as Appnexus, Fab.com and ZocDoc. Boston’s first quarter gains, on the other hand, came mainly from homegrown companies that have been around for a while, such as Constant Contact and TechTarget. Boston has some newer breakout companies such as Wayfair and HubSpot that have been aggressively hiring.

“For the remainder of 2012, I expect Internet and digital media hiring in New York to accelerate more than in Boston due to the one-two punch of continued high levels of venture capital funding in New York and the investment of West Coast companies in the Big Apple,” added Barrett. “Anywhere from 40-50% of the employment in this sector is with private venture-funded companies and, according to CB Insights, VC funding in the NY tech sector was roughly double that of the Boston tech sector in 2011. Over time, I would expect hiring trends to mirror those investment trends.”

First Quarter 2012 results from Cook Associates’ Internet and Digital Media Jobs Index:

New York data:

266 Internet and digital media companies with 10+ employees in New York City

• Approximately 1,300 jobs added, for a 6.2% gain

Percentage of companies that showed the following headcount changes:

• Increase in Headcount: 57%

• Decrease in Headcount: 25%

• No change: 18%

Companies showing largest headcount gains include:

• Google

• Amazon

• Appnexus

• Fab.com

• LinkedIn

• Facebook

• ZocDoc

• ScrollMotion

• FreshDirect

• Quidsi

Up-and-coming companies showing large headcount gains:

• Tumblr

• Totsy

• Yext

• Warby Parker 

• Thrillist

Boston data:

118 Internet and digital media companies with 10+ employees in Boston

• Approximately 880 jobs added, for an 8.0% gain

Percentage of companies that showed the following headcount changes:

• Increase in Headcount: 60%

• Decrease in Headcount: 20%

• No change: 20%

Companies showing largest headcount gains include:

• Constant Contact

• Wayfair

• TechTarget

• HubSpot

• Brightcove

• Demandware

• Turbine

• Zipcar

• TripAdvisor

• Vistaprint

Up-and-coming companies showing large headcount gains:

• Vlingo

• Fiksu

• Care.com

• Crimson Hexagon

• Cartera Commerce

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% 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 April 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
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.