The CII Big Picture Summit 2017 will bring together bright minds of M&E leaders to navigate a successful growth path at a time when digital transformation, convergence of technology and disruptive ideas are changing the rules of the game. Themed ‘M&E: The Digital Takeover’, the 6th edition organised by the Confederation of Indian Industry will take off on December 5 in New Delhi.
On this occasion, CII-BCG will release report — Media & Entertainment: The Nucleus of India’s Creative Economy — that encapsulates the strong growth of the M&E sector andthe need to address large talent and skill gaps. The CII-BCG report estimates that M&E industry will be able to generate a direct and indirect employment of 4 million jobs in the next four to five years.
“The Indian M&E sector has huge room for growth and can create 4-5 million jobs without much spending from public infrastructure. Digital platforms are proliferating and there are tremendous opportunity that never existed before – especially for creators, storytellers and technology providers,” says Chandrajit Banerjee, Director General, CII. “Skilling is a major challenge as well as an opportunity for M&E industry as it can open new job prospects for young India.”
The Big Picture Summit is happening at a time when the spread of digital technology is offering equal opportunity for start-ups as well as established media companies to participate in the growing global M&E market.
According the CII-BCG report media industry workforce will be unrecognisable in 2022. Major shifts around adoption of technology, big data and analytics as well as structural changes will mean many new job roles and a massive reskilling of the current workforce.
With the changing business environment, the demand for talent and functional skills in the industry will outstrip supply given the pace of growth in the industry. Under this purview, according to Kanchan Samtani, Partner & Director, BCG, “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 5-7 years to restructure its business model for the upskilling exercise. The talent agenda is the key aspect for the expansion of the sector. To achieve this, there is the need for concentrated efforts required by the government, academia and the industry bodies”.
Currently, direct economic impact by the M&E industry is Rs 135k crores and employs over 1 million people. Taking total economic impact including indirect and induced benefits to the economy, Media industry output is around Rs 450K crore, contributing to 2.8% to India’s GDP. When considering the total employment including direct, indirect and induced, the total employment opportunities generated by the M&E industry is close to 4 million jobs.
The M&E industry promises to continue a strong double digit growth of 11-12% in the next five years, and is poised to add 700-800K new jobs in the country. The industry needs to embrace itself for the consumption explosion and the key consumption drivers for long-term growth are driven by rise in growing rural demand and media consumption, capturing more time of digitally connected consumers and strategically supplying to segmented audiences.
With the rising consumer demands, changing business models and digital disruptions, the industry needs to prepare itself for a completely different workforce. The M&E industry alone will require 140-160K trained/employable individuals entering the workforce every year for the next 5 years. The demand for talent and functional skills in the industry will outstrip supply given the pace of growth in the industry. Hence, M&E industry needs to prepare itself for a completely different and perhaps, unrecognizable workforce by 2020. To accelerate growth, M&E organisations must rebuild their strategies to fit in the shifting, digitally-oriented landscape.