While IT jobs seem to be all the rage among jobseekers, despite a slowdown in the industry, it looks like the media and entertainment industry can look forward to some happy days. The industry is likely to record an 11-12 percent growth, which in turn will create about 7-8 lakh jobs in the next five years.
According to a report by CII-BCG, the demand and consumption of information at the rural sector will provide a boost to the industry and the media and entertainment entities will have to find a way to tap these consumers and fulfil these needs.
To meet this demand, media firms will also need to build their strategies accordingly, so that the digital shift does not become a demerit to the sector.
"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 5 years.
"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," the Press Trust of India quoted the report as saying.
Meanwhile, this shift is not going to be easy as entities will be required to identify the changes and mould themselves accordingly. The changes may create a lot of new jobs, providing employment opportunities to many, but current professionals will also have to upskill to keep up with the changing trends.
"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," Kanchan Samtani, Partner & Director, BCG, added.
However, it is, in fact, not just the media and entertainment industry that needs to gear up for this shift. Automation has almost become a dreaded word in the IT industry and to keep with the trends, various firms have already taken up programmes to reskill their staffers.
Industry body Nasscom too had earlier said that the best way to retain jobs would be to "re-skill." The body also explained how the world was moving towards automation and digital services and employees will have to "re-skill or perish."
And now it looks like the media and entertainment industry too must learn the new aspects of business and gear up for growth and all the challenges that come with it.