The Nucleus of India’s Creative Economy’, compiled by industry body CII and Boston Consulting Group (BCG).
The size of Indian media and entertainment industry, which grew at a rate of 10% over the last five years between 2012 and 2017 adding over `50,000 crore of revenue, stood in the range of `1,30,000-1,35,000 crore in 2017, according to a report called ‘Media and Entertainment: The Nucleus of India’s Creative Economy’, compiled by industry body CII and Boston Consulting Group (BCG).
Moreover, taking the total economic impact, including indirect and induced benefits to the economy, the report estimates the industry at `4,50,000 crore by 2022, contributing 2.8% to India’s GDP.
Speaking at the annual CII Big Picture Summit held in the Capital on Tuesday, Amitabh Kant, CEO, NITI Aayog, urged the media to provide more job opportunities to the youth. “While digital plays a disruptive role in media by forcing companies to develop new and unconventional business models, media firms would have to constantly evaluate the kind of jobs that can be created simultaneously for the youth,” Kant said.
According to the report, the media and entertainment industry employs over a million people. When considering the total employment, including direct, indirect and induced jobs, the total employment opportunities generated by the industry is close to 4 million jobs. The industry is expected to create additional 7,00,000-8,00,000 jobs in the next 5 years.
Sudhashu Vats, group CEO, Viacom18, said, “The industry needs to look at various collaboration opportunities where it can play an important role in providing jobs. For example, tourism, sports and technology are some of the areas where the media industry can work with its counterparts. For instance, using blockchain payment methods to pay for royalty.”
Talking about the role of public broadcaster, Shashi Shekhar Vempati, CEO, Prasar Bharati, talked about the broadcaster’s plan to roll out digital terrestrial TV in 19 cities that would allow viewers to make the switch from analogue to digital TV, with plans to roll out the new technology in another 44 cities. “We need to opt for new technology that would help in creating more job opportunities,” he said.
The report further highlighted the importance of skilling, stating that major shifts around adoption of technology, big data and analytics as well as structural changes would require creation of new jobs, besides reskilling of the current workforce. It is expected that the industry would require 140,000-160,000 trained, employable individuals entering the workforce every year for the next five years, according to the report.
Speaking on the needs of providing the right skillset, film director Ramesh Sippy added that both private sector and public broadcaster need to come together to start the right kind of schools with the government providing these institutes with the latest technology. Sippy added that the government has to play a supportive role.
States should be ranked on media & entertainment index: Kant
Kant on Tuesday favoured the idea of states being ranked in terms of media and entertainment index as is done for ease of doing business. This, Kant said, will ensure growth of the sector as respective state governments would compete to offer a conducive environment to the media and entertainment industry.
“My view is that India is a very large country, bigger than the 24 countries of Europe, and we need to ensure states become very easy and simple for media and entertainment,” he said at the CII Big Picture Summit.
“We need to do an indexing and ranking of states in India on following parameters… gaming, digitisation every aspect and brand states and put in public domain and name and shame the state government,” he added.