Media, entertainment industry’s revenue to reach ₹8 L cr by 2022
NEWDELHI: The Indian media and entertainment (M&E) industry is expected to double its revenue to reach ₹7.5-8 lakh crore by 2022 from an estimated ₹4.5 lakh crore in 2017, said a report published by consulting firm Boston Consulting Group (BCG) and lobby group Confederation of Indian Industry (CII).
Over the next five years, the industry is set to grow at an average annual growth rate of 11-12%, said the report. It highlighted that the sector has the potential to generate four million jobs (direct and indirect) over the next four-five years, via technology adoption, big data and analytics.
“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,’’ Chandrajit Banerjee, director-general at CII, said in the report.
By 2022, total employment in the industry is expected to be 6-6.5 million from the estimated 3.5-4 million in 2017.
The report said the structural changes across the sector and major shifts around adoption of technology, big data and analytics will lead to new job roles and a major reskilling of the current workforce.
With rising consumer demands, changing business models and digital disruptions leading to a consumption explosion, the sector is required to ready itself for a different workforce.
The report highlighted that companies need to rework strategies to fit in the shifting digitally oriented landscape.
“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,” said Kanchan Samtani, partner and director, BCG, in the report.