Media and entertainment could create 8 million jobs over the next five years, experts estimate, in large part thanks to the OTT boom
The Covid-19 pandemic has accelerated transitions for many sectors, but very few would have seen transitions as drastic as those that media and entertainment (M&E) have experienced. At one end of the spectrum is the big screen – Bollywood alone is said to have lost Rs 4,000 crore in 2020 and is also expected to experience a similar loss this year – and at the other end is the OTT boom.
Experts describe great potential resulting from this transition; nearly a billion screens (TVs and tablets as well, but largely smartphones) over the next five years, up from 600 million today, would translate into massive demand for content – and the creation, preservation , the marketing and sale of this content could translate to 8 million jobs by 2025, compared to 4 million currently. And, according to an EY expert, indirect jobs could be the icing on the cake if India becomes “the global back office for production and post-production.”
It’s not as if the pandemic and growing appetite for small screen viewing means the big screen industry is going to collapse. Indeed, with the number of movie screens across the country set to increase from 9,000 to 10,500 in a few years, it is clear that while the vaccines and behaviors appropriate to Covid lead to significant control over the pandemic, the business would be as healthy as there is. probably no disturbance.
With OTT becoming accessible and increasingly affordable through packet pricing, for content creators, this represents another growth prospect. With all of this, M&E is poised, according to an EY estimate, to rake in revenue of 2.42 lakh crore in 2022. In addition to the job gains, the spinoffs for sectors like telecommunications (from the increased data consumption) and food service (ordering in) may not be small as well.
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