NY City Jumps on the AR / VR Bandwagon

New York City announced a project to support and foster AR / VR start up companies to create a New York based AR /VR industry. The NYCEDC (New York City Economic Development Corporation) and the MOME (Mayor’s Office of Media and Entertainment) announced that they are planning on investing $6 million into a AR / VR Lab to support the local industry from start-ups to established companies. The center will support early growth stage companies with space, infrastructure and resources, AR/VR entrepreneurs with access to to tools and technologies, connect start-ups with the local academia, and help create a growing labor pool for the industry.

Source: – NYC Wallpaper

The partners are planning on having a private company run the center with a request for proposal going out in early 2017.

Analyst Comment

If you think that it’s odd for NYC to play in this arena, you have to recognize that NYC is second largest movie center in the USA after Hollywood and the largest overall media center in the USA. When we include content development in the AR/VR field this move makes a lot of sense. The press release mentions that in 2016 the New York City AR/VR industry has seen over $50 million in investment and a 125% growth in job demand. -NH