The Media and entertainment (M&E) industry in India has potential to add 7-8 Lakh jobs in coming 5 years with a growth of around 11-12 percent, says a report.
Confederation of Indian Industry (CII) and the Boston Consulting Group (BCG) jointly released a report according to which the consumption patterns will depend on the rise in rural demand which can be increased by strategically supplying media to segmented audiences for capturing more time of consumers who are digitally connected. For accelerating the growth the media companies will have to make their strategies to fit in the digital-friendly world.
“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,” the report said.
Currently, the media industry contributes around 2.8 percent to India’s GDP with an output of over Rs 4,50,000 crores which is expected to increase immensely in the upcoming years.
“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.
If we point out the results this report states that there will be adoption of new technologies such as virtual reality, big data, and analytics in the media and entertainment sectors which will need workers with new job roles and the old employees will also get upgraded.
