Entertainment industry expected to reach Rs 5-8 trillion revenue by 2022: CII
The Indian media and entertainment (M&E) industry is expected to reach revenue of Rs .5-8 trillion by 2022 from an estimated Rs 4.5 trillion in 2017
The Indian media and entertainment (M&E) industry is expected to reach revenue of Rs 5-8 trillion by 2022 from an estimated Rs4.5 trillion in 2017, according to a report by Boston Consulting Group (BCG) and Confederation of Indian Industry (CII).
“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, CII mentioned in the report.
As per the report, the M&E industry will require 140K-160K trained/employable individuals entering the workforce every year for the next five years." With the rising consumer demands, changing business models and digital disruptions, the industry needs to prepare itself for a completely different workforce, read the report.
In an interaction with exchange4media, Kanchan Samtani, Partner and Director, The Boston Consulting Grroup (BCG) discussed the latest trends coming up in the industry and emphasised on the highlights of the BCG report. Samtani indicated that media industry is the fastest growing industry in India.
“The industry has shown immense growth despite some short terms glitches over the last couple of years and we continue to have a robust view over how this industry will grow over the next five years. In terms of revenue or economic output, we are talking about adding perhaps in the range of 100,000 crores over the next few years,” she told us.
On being asked about how OTT services are affecting the industry she said that the launch of digital platforms has generated the demand of content. "Today democratisation of content is happening because it gets distributed, thanks to digital platforms,” she said. While speaking about the performance of the industry in the year 2017 she said, "The year has been crucial for the industry and saw a lot of ups and downs.”
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