industry media growth said need report jobs
Media & entertainment industry to create 8 lakh jobs by 2022MUMBAI: The media and entertainment (M&E) industry will generate 7-8 lakhjobsby 2022 to take total number of those directly employed to 1.8-2 million, aCII-BCG report has forecast. The report, Media & Entertainment: The Nucleus ofIndia’sCreative Economy, said the industry offers a total of 3.5-4 million jobs, including direct,indirect and induced employment, and this number is expected to reach up to6.5 million by 2022. “The Indian M&E sector has huge room for growth and cancreate 4-5 million jobs without much spending from public infrastructure,”said Chandrajit Banerjee, director general, CII.“Digital platforms are proliferating and there are tremendous opportunitiesthat never existed before — especially for creators, storytellers andtechnologyproviders,” he said. “Skilling is a major challenge as well as an opportunityfor M&E industry as it can open new job prospects for young India.” The reportsaid the direct economic impact of the M&E industry is Rs 1,35,000 crore. Itstotal impact, including indirect and induced benefits to the economy, is aboutRs 4,50,000 crore, which means it contributes about 2.8% to India’sGDP.To be released in Delhi during the CII Big Picture Summit on December 5, thereport encapsulates the strong growth of the M&E sector and the need toaddress large talent and skill gaps. The report highlights the industry’s needto prepare for a completely different workforce with rising consumer demands,changing business models and digital disruptions. M&E industry will require1,40,000-1,60,000 trained/employable individuals entering the workforce everyyear for the next five years.According to the report, the media industry workforce will be unrecognisablein 2022. Major shifts around adoption of technology, big data and analytics aswell as structural changes will mean many new job roles and a massivereskilling of the current workforce. With the changing business environment,the demand for talent and functional skills in the industry will outstripsupply given the pace of growth in the industry.“It’s the need of the hour for the industry to identify creative,technological and analytical skills that will be required over the next 5-7years to restructure its business model for the upskilling exercise,” saidKanchan Samtani, partner at BCG. “Talent agenda is the key aspect forexpansion of the sector.To achieve this, there is need for concentrated efforts required by thegovernment, academia and industry bodies.” According the report, the keyconsumption drivers for longterm growth are driven by rise in growing ruraldemand and media consumption; capturing more time of digitally connectedconsumers; and strategically supplying to segmented audiences.