New York City is taking specific steps to strengthen its media sector through job creation as the industry suffers through an ongoing economic slowdown, Mayor Michael Bloomberg said today.

The city is proposing eight initiatives which address three particular issues: increase of collaboration among media industry representatives to foster innovation; train top talent to make the city more competitive; recruit leading foreign media companies and help New York City companies to expand abroad.

“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,” Mayor Bloomberg said in a statement.

About 29 multi-million dollar media companies are based in New York City and account for half of the U.S. revenue in magazines, books and broadcast television. However the industry is experiencing a slowdown and is expected to grow one percent annually through 2015, according to figures from New York City’s government.

Furthermore, many next-generation technology and media companies are developing in other places in the U.S. or abroad.

Among the projects announced are the creation of a Media Lab to promote innovation, the construction of a center for media freelancers in Lower Manhattan and diverse training programs.