Media, entertainment industry’s revenue to reach ₹8 L cr by 2022

The Indian media and entertainment industry is expected to double its revenue to reach ₹7.5-8 lakh crore by 2022 from an estimated ₹4.5 lakh crore in 2017, said a report published by consulting firm Boston Consulting Group and lobby group Confederation of Indian Industry.

Over the next five years, the industry is set to grow at an average annual growth rate of 11-12%, said the report. It highlighted that the sector has the potential to generate four million jobs (direct and indirect) over the next four-five years, via technology adoption, big data and analytics.

By 2022, total employment in the industry is expected to be 6-6.5 million from the estimated 3.5-4 million in 2017.

The report said the structural changes across the sector and major shifts around adoption of technology, big data and analytics will lead to new job roles and a major reskilling of the current workforce.

With rising consumer demands, changing business models and digital disruptions leading to a consumption explosion, the sector is required to ready itself for a different workforce.

The report highlighted that companies need to rework strategies to fit in the shifting digitally oriented landscape.

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