Hoping to compete with emerging foreign markets and prevent another major industry collapse, New York City Mayor Michael Bloomberg announced Tuesday the city’s launch of eight initiatives aimed and drawing and keeping new media technologies in the Big Apple.

“New York City is the media capital of the world, but, with the industry undergoing profound changes, it’s incumbent on us to take steps now to capitalize on growth opportunities and ensure we remain an industry leader,” Bloomberg said in a press conference, according to the New York Times.

Among the eight programs is the establishment of a media lab modeled after those at the Massachusetts Institute of Technology and Stanford University.
The lab will “issue a request for proposals from universities and other organizations interested in providing space for lectures, workshops and other events that would being together media professionals,” The Times reported.

Other initiatives include recruiting entrepreneurs from around outside of the city, seeking rising starts from emerging markets in Asia, the Middle East, Silicon Valley and the Boston area, according to the Wall Street Journal.

In his press conference, Mayor Bloomberg estimated the city’s media industry makes up about 10 percent of its private sector, adding up to around 300,000 jobs. The new initiatives aim to create 8,000 new jobs over the next 10 years and will cost the city about $1.5 million.

A spokesman for the organization behind the initiatives, The New York City Economic Development Corporation, said a focus on new media companies will help curb the slow-down of traditional media development and the plan is based on past lessons learned.

“We know that 10 years ago, when you look at some of the media giants, many were not even incorporated yet, and is they were, many were just tiny entities,” NYCEDC Vice President of Public Affairs David Lombino told PRWeek.

The project follows a similar push in January to keep financial employees in the city, and after tacking media, NYCEDC will focus on curtailing slowing retail business.