Great News for Film, Media aspirants! The Economic Times reports Media & entertainment industry to create 8 lakh jobs by 2022.

With demand for content across television, cinema and OTT exploding, experts reckon India’s media and entertainment sector could be employing as many as eight million people by 2022. That’s twice the four million currently making a living — directly or indirectly — from the `1.8 lakh crore industry.

With so much action, EY expects the M&E industry to make revenues of `2.42 lakh crore by 2022 suggesting there’s scope for much more work. Already, analysts at Deloitte estimate that in FY19, `3,800 crore was spent on wages by the film industry (60% on production), `12,500 crore by television companies and `635 crore by OVS players.

Union Minister of State for Finance Anurag Thakur on Tuesday said work from home is here to stay and the media and entertainment industry is likely to emerge as one of the biggest employment generators in post-Covid India. “The current pandemic and lockdown situation has shown us that work from home is here to stay. We have to look for opportunities in this crisis. This is the right time for India to grow,” he said, adding that digital platforms can help us grow faster. “We see huge space of employment and growth in the media and entertainment space,”

source: https://economictimes.indiatimes.com/markets/stocks/media-entertainment-to-emerge-big-job-creator-in-post-covid-india-thakur/articleshow/76829145.cms

To achieve this, there is need for concentrated efforts required by the government, academia and industry bodies.” According the report, 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.

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