Crain Communications is making a strategic investment in Internet Week New York, a weeklong festival that celebrates the internet and the way it has changed business and culture, the company announced today.
Crain, which owns a series of vertical media brands including Advertising Age, will work with the festival's co-founders, David-Michel Davies and Neil Vogel, to grow Internet Week, which began in 2008 as a crowd-sourced event in partnership with the City of New York.
The festival has largely centered on the internet's effect on media and advertising, but the investment by Crain will broaden that scope to also look at how the web and digital technology is affecting other industries, including verticals in which Crain has expertise.
Crain, which publishes 30 print and digital-industry-focused media brands, such as Automotive News, Crain's New York Business, Investment News and Modern Healthcare, will add a layer of premium content programming onto the crowd-sourced festival and assume day-to-day management of it.
Internet Week this past year included 250 events taking place throughout New York City, produced by the likes of Yahoo, IAC, Buddy Media, Microsoft, Time Inc., Vice and The Webby Awards, the latter also founded by Messrs. Davies and Vogel. It drew almost 40,000 professionals.
As far as what kinds of programming changes attendees can expect, they'll have to wait and see, Mr. Davies said. Next year's festival will take place in May.
"We're excited about this step," said Mr. Davies. "It's an opportunity to really build on this wonderful foundation that we've created and grow the festival even more this year."
Said Rance Crain, president of Crain Communications, in a statement: "We view this as an opportunity to build upon an incredible foundation and apply our expertise of curating and creating content and insights that define the issues and move businesses forward."
The internet sector has been a major area of growth in New York City. Said Commissioner Katherine Oliver of the Mayor's Office of Media and Entertainment: "New York City has emerged as one of the world's leading digital cities, with an industry that employs 120,000 New Yorkers. We've seen remarkable growth in this industry, and we look forward to working with Crain Communications and the Internet Week NY team to highlight this thriving sector."
Contributing: Crain's New York Business