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M&E industry to hit Rs8 trillion revenue by 2022: report

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According to a report published by Boston Consulting Group (BCG) and Confederation of Indian Industry (CII), India’s media and entertainment (M&E) industry is expected to reach revenue of Rs7.5-8 trillion by 2022 from an estimated Rs4.5 trillion in 2017. Over the next five years, the industry is poised to grow at an annual growth rate of 11-12 per cent.

The report highlighted that the M&E industry has the potential to generate four million jobs (direct and indirect) over the next four-five years, on the back of technology adoption, big data and analytics.

By 2022, total employment across the industry is expected to be 6-6.5 million from the estimated 3.5-4 million in 2017. The report said that the structural changes across the industry and major shifts around adoption of technology, big data and analytics will lead to several new job roles and a massive reskilling of the current workforce.

“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,’’ CII director general Chandrajit Banerjee said in the report.

The report highlighted that M&E organisations need to rebuild their 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 at BCG, in the report.

The report said that the M&E industry will require 140,000-160,000 trained/employable individuals entering the workforce every year for the next five years.

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