Although the lack of employment opportunities globally might be a concern gripping citizens widely, a report by the CII-BCG (Confederation of Indian Industry – Boston Consulting Group) might offer a sliver of hope to people associated with the Indian media and entertainment industry. The report mentions that India’s media and entertainment industry is expected to grow in the range of 11-12 per cent and add another 7-8 lakh new jobs over the next five years.
The report mentions that the growth will be driven by a 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 report mentions.
The report also adds that the demand for talent and functional skills in the industry will outstrip supply given the pace of the growth in the industry. “Hence, the industry needs to prepare itself for a completely different and perhaps, unrecognisable workforce by 2020,” the report mentions.
The CII-BCG report pointed out media organisations must rebuild their strategies to fit in the shifting, digitally-oriented landscape to accelerate growth.
“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 opportunity for the media and entertainment industry as it can open new job prospects for young India,” CII Director General Chandrajit Banerjee said.
The report pointed out that as such the 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 re-skilling of the current workforce.
Kanchan Samtani, Partner & Director, BCG, 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 the sector employs 1 million people as of now and has an economic impact of Rs 1,35,000 crore. However, if the total economic impact is taken into account, including indirect and induced benefits, then the media industry’s output is Rs 4,50,000 crore, which is 2.9 per cent of India’s GDP and close to 4 million people are working or associated with it.