London's digital media market is burgeoning

19-Jan-2009

Think London, the foreign direct investment agency for London, will host an executive briefing in New York on February 12.

The event will underscore digital media investment opportunities in London heading into the London Olympic and Paralympic Games in 2012 and beyond.

More than 100 senior executives from U.S. companies involved in related technologies, content development and usage, distribution and applications are expected to attend the briefing, which will be held at HSBC.

Senior executives participating in the briefing include:

• Alex Balfour, Head of Digital Media, London Organizing Committee for the Olympic Games (LOCOG)
• Rick Cotton, Executive Vice President and General Counsel, NBC Universal
• Brett Goodman, Senior Vice President, Strategic Partnerships and Business Affairs, NBC Sports and Olympics
• Justin Townsend, Chairman & Co-founder, IGA Worldwide
• Joey Jodar, SVP, Managing Director, Ripe Media
• Michael Charlton, Chief Executive, Think London

London is already a leading center for international investment, as well as digital media development and usage. Despite current market conditions, the city’s economy is expected to grow significantly in the next five years, supported in large part by London’s commitment to digital media and advanced communications systems. A good example of this is London’s number one ranking as the 'most wireless city' in RSA’s latest annual Wireless Security Survey. It is also a leader in online advertising, interactive communications and digital TV service penetration. 

The media-rich 2012 Games will accelerate the momentum of London’s digital media industry. The Games alone are expected to generate 2,000 direct contracts and 75,000 related or sub-contracts—s ome of them in the area of digital media content development, delivery and support. 

“London remains a leading target for foreign investment and it is particularly ripe with opportunities in digital media in terms of content development, platforms, systems and distribution,” according to Michael Charlton, Chief Executive of Think London. He cited as examples Think London’s recent assistance in helping U.S. firms such as online sales representative Gorilla Nation and worldwide B2B online marketplace leader Alibaba establish offices in London. Late last year Microsoft also signaled its growing commitment to the market by setting up a center of excellence in London as part of its European Search Technology Centre.

IGA Worldwide has its European headquarters in London. "London is Europe's pre-eminent center for the expanding digital media market, and that's why our company's growth in London has always been central to IGA's strategic plan," explained Justin Townsend, chairman of New York-based IGA Worldwide.

U.S. companies have an historic advantage in leveraging the burgeoning opportunities in London. London remains the leading target for U.S. investments, accounting for 12 percent of all U.S. investments in Europe between 2003 and 2008. U.S. investments also accounted for nearly half of all foreign investments in Britain’s capital during this time. 

Another investment incentive for U.S. companies is the declining cost of commercial space in the city. In the last year alone office rental rates have decline by 20 percent for prime London locations.

“This is exactly the time U.S. companies should be looking to invest in London. The strengthening dollar makes U.S. direct investment more attractive than ever,” Charlton said. “The returns will extend well past 2012. London not only offers access to 8 million digital media consumers. It is the preeminent gateway to 25 million British consumers with a 90 minute drive and 500 million European consumers within easy reach.”

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