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‘M&E industry to grow by 11-12% and add 7-8 lakh jobs in 5 years’

Monday, December 04, 2017
By Dominic Rebello

India's Media & Entertainment industry promises to continue a strong double digit growth of 11-12% in the next five years, and is poised to add 7-8 lakh new jobs in the country, according to the latest CII-BCG report 'Media & Entertainment: The Nucleus of India’s Creative Economy'.

The report encapsulates the strong growth of the M&E sector and the need to address large talent and skill gaps. The report estimates that M&E industry will be able to generate a direct and indirect employment of 4 million jobs in the next four to five years.

"The Indian M&E sector has huge room for growth and can create 4-5 million jobs without much spending from public infrastructure. Digital platforms are proliferating and there are tremendous opportunity that never existed before – especially for creators, storytellers and technology providers,'' says Chandrajit Banerjee, Director General, CII. "Skilling is a major challenge as well as an opportunity for M&E industry as it can open new job prospects for young India."

According to the report, media industry workforce will be unrecognisable 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 reskilling of the current workforce.

With the rising consumer demands, changing business models and digital disruptions, the industry needs to prepare itself for a completely different workforce. The M&E industry alone will require 140-160K 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, M&E industry needs to prepare itself for a completely different and perhaps, unrecognizable workforce by 2020. To accelerate growth, M&E organisations must rebuild their strategies to fit in the shifting, digitally-oriented landscape.

Currently, direct economic impact by the M&E industry is INR 135k crores and employs over 1 million people. Taking total economic impact including indirect and induced benefits to the economy, Media industry output is ~ INR 450K crore, contributing to 2.8% to India’s GDP, says the report.
 

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