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India's media and entertainment industry is expected to clock a strong double digit growth in the range of 11-12 per cent and poised to add another seven to eight lakh new jobs over the next five year, says a report.
According to the CII-BCG report, consumption patterns will be driven by rise in growing rural demand and media consumption, which will be attained by 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 media and entertainment industry alone will require 140K-160K trained/employable individuals entering the workforce every year for the next five years," the report states.
"The demand for talent and functional skills in the industry will outstrip supply given the pace of growth in the industry. Hence, the industry needs to prepare itself for a completely different and perhaps, unrecognisable workforce by 2020," it adds.
To accelerate growth, media and entertainment organisations must rebuild their strategies to fit in the shifting, digitally-oriented landscape, pointed out the study.
"Digital platforms are proliferating and there are tremendous opportunity that never existed before – especially for creators, storytellers and technology providers. Skilling is a major challenge as well as an opportunity for the media and entertainment industry as it can open new job prospects for young India," CII Director General Chandrajit Banerjee said.
According to the report, the 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 re-skilling of the current workforce.