The Boston Consulting Group (BCG) and Confederation of Indian Industry (CII) in collaboration has come up with a report on the Indian Media and Entertainment industry. According to the report, the industry is looking at an average growth rate of 11-12% during the next five years. The report also looks at an expected massive revenue jump by double- Rs 7.5-8 trillion by 2022 from an approximate Rs4.5 trillion in the current year.
According to the report, it has been highlighted that the M&E industry may open a big door of opportunities for the industry professionals owing to better technology adoption, big data and analytics, as about Four million jobs, directly or indirectly are expected over the next four-five years.
Commenting on the scope of growth in the sector, Chandrajit Banerjee, director general at CII said in the reoprt, “The Indian M&E sector has huge room for growth and can create four-five million jobs without much spending from public infrastructure. Digital platforms are proliferating and there are tremendous opportunities that never existed before—especially for creators, storytellers and technology providers.’’
Expected structural Changes
The big data and analytics are expected to bring in massive employment opportunities by 2022. Total employment is expected to be 6-6.5 million from the estimated 3.5-4 million in 2017 across the industry.
Since there is a whooping rise in the consumer demands, changing business model and digital disruptions, there is a big consumption pattern observed, and this means that the industry has to be change ready with a different workforce. Therefore the media and entertainment organizations need to rebuild their strategies to fit in the shifting digitally oriented landscape, as mentioned in the report.
Industry needs to prepare itself for a completely different and perhaps, unrecognizable workforce by 2020: Report
Kanchan Samtani, partner and director at BCG, mentioned in the report that “It’s the need of the hour for the industry to identify the creative, technological and analytical skills that will be required over the next five-seven years to restructure its business model for the upskilling exercise.”
In corollary to this industry requirement, according to the report, the M&E industry will be looking forward to work with 140,000-160,000 trained/employable people entering the industry every year, as the report mentions that the demand for talent and functional skills in the industry will outstrip supply, given the pace of growth in the industry.