Industry Update: Media, entertainment sector to add 7–8 Lakh jobs in 5 years
As reported by Times of India
India’s media and entertainment industry is expected to clock a strong double digit growth in the range of 11–12 per cent and poised to add another seven to eight lakh new jobs over the next five year, says a report.
According to the CII-BCG report, consumption patterns will be driven by rise in growing rural demand and media consumption, which will be attained by capturing more time of digitally connected consumers and strategically supplying to segmented audiences.
“With the rising consumer demands, changing business models and digital disruptions, the industry needs to prepare itself for a completely different workforce. The media and entertainment industry alone will require 140K-160K trained/employable individuals entering the workforce every year for the next 5 years.
“The demand for talent and functional skills in the industry will outstrip supply given the pace of growth in the industry. Hence, the industry needs to prepare itself for a completely different and perhaps, unrecognizable workforce by 2020,” according to the report.
To accelerate growth, media and entertainment organizations must rebuild their strategies to fit in the shifting, digitally-oriented landscape, pointed out the study.
“Digital platforms are proliferating and there are tremendous opportunity that never existed before especially for creators, storytellers and technology providers. Skilling is a major challenge as well as an an opportunity for the media and entertainment industry as it can open new job prospects for young India,” CII Director General Chandrajit Banerjee said.
According the report, the media industry workforce will be unrecognizable in 2022. Major shifts around adoption of technology, big data and analytics as well as structural changes will mean many new job roles and a massive re-skilling of the current workforce.
“With the changing business environment, the demand for talent and functional skills in the industry will outstrip supply given the pace of growth in the industry,” Kanchan Samtani, Partner & Director, BCG, said.
She said the industry needs to identify the creative, technological and analytical skills that will be required over the next 5–7 years to restructure its business model for the up-skilling exercise.
The report estimates that currently direct economic impact by the sector is Rs 1,35,000 crore and it employs over 1 million people.
Taking total economic impact, including indirect and induced benefits to the economy, the media industry output is Rs 4,50,000 crore, and it contributes 2.8 per cent to India’s GDP.
Total employment opportunities — including direct, indirect and induced — generated by the media and entertainment industry presently stand at close to 4 million.