At the end of an exhausting day, many of us may unwind by watching one of our favourite movies on an OTT platform or relax by guffawing at the exertive hyperventilation of the news anchor in the news channels or have walked into our homes to find our family glued to the saas-bahu saga playing in the channel. Games like “Call of Duty” and PUBG are the staple diet of youngsters (or maybe even not-so-young youngsters!). Watching an entertaining movie figures in the topmost spot of the family outing list. Malls are never built without a multiplex facility in them. Quoting Walt Disney, entertainment in its broadest sense has become a necessity rather than a luxury in life.
As per reports, the Indian E&M has outperformed the Indian economy and is one of the fastest-growing sectors in the country and is projected to hit 2.8 trillion in 2025.
In this edition of “The People Weekly”, we will discuss the evolving landscape of the E&M industry, the future trends in the E& M Industry and the career opportunities in the E&M industry.
The Evolving Landscape of the E&M Industry
The entertainment and media industry in India has undergone a remarkable transformation over the years, emerging as one of the fastest-growing sectors in the country. With a population of over 1.4 billion people and a growing middle class, India has emerged as a global player in the entertainment sector, encompassing film, television, music, digital content, gaming, and more.
Some of the interesting trends in the Indian E&M industry are
Digital Disruption and Streaming Platforms
The rise of digital platforms has been a game-changer for the Indian entertainment industry. Streaming giants like Netflix, Amazon Prime Video, Disney+ Hotstar, and local players like ZEE5 and Voot have not only provided consumers with diverse content choices but have also spurred original content production. The Indian over-the-top (OTT) market has 130.2 million paying (SVOD) (subscription video on demand) audiences compared to 110.5 million in 2021, media consulting firm Ormax Media has said in its latest study titled The Ormax OTT Audience Sizing Report 2022.
Internet Accessibility and Smartphone Revolution in Remote Areas
Low data costs and the smartphone revolution have contributed to the growth of digital media. Coupled with content localisation, it is a win-win situation for the E&M industry. With a culture as diverse as India’s, content localisation catering to the palate of the audience region-wise has enabled this industry to grow in leaps and bounds. Currently, there are about 46 OTT platforms and 898 private TV channels in India catering to a diverse audience.
The Boom in the Gaming Industry
India is the second fastest growing market for video games after Pakistan. The video game revenue in India is projected to reach 4.2 billion dollars by 2027. That means the revenue will increase at a CAGR rate of 19.4%. Mobile gaming, in particular, has become a cultural phenomenon, with millions of users engaging in games ranging from casual puzzles to competitive multiplayer titles. This has catapulted the gaming industry to be a major contributor to growth in the E&M space.
Internet Advertisements
The Indian Internet advertising market attained a value of 3.9 Billion USD in the year 2022. It is projected that the market will further see a CAGR(Compound Annual growth rate) of 30.2% to reach more than 19.2 billion USD by 2028. This can be attributed to user-generated content (USG). Presently there are about 2.3 to 3 million creators.
News, Print, Music and Radio
The country’s total music, radio and podcasts market passed the $1 billion milestone in 2022 to reach $1.1 billion and is forecast to reach $1.5 billion in 2027. The digital music industry has experienced a massive resurgence with the advent of platforms like Spotify, Gaana, and JioSaavn. Independent artists have found new avenues for showcasing their talent, leading to a vibrant indie music scene.
Future Trends in E&M
The entertainment and media (E&M) industry in India is undergoing some exciting changes, driven by technological advancements and shifting consumer preferences. Here are a few future trends that might rule the E&M space
a. Virtual and Augmented Reality: The integration of VR and AR in the E&M industry will revolutionise user experiences, from immersive gaming to interactive marketing campaigns. Keep an eye on how brands leverage these technologies.
b. E-sports:Esports events are gaining popularity, presenting new avenues for sponsorship and advertising in the E&M sector. One such example was the Dubai Esports Festival 2022 which brought together some of the famous names in Esports. Esports will grow in leaps and bounds in India, especially with the recent recognition of Esports, by the Ministry of Sports and Youth Affairs, as a “multisport event”.
c. Digital Streaming Dominance: The digital realm will continue to reign supreme. Online campaigns, social media engagement, and content marketing will remain essential for reaching wider audiences. It’s like the virtual red carpet of the industry!
d. AI and Personalisation: With the help of data analytics and AI, content providers are tailoring experiences to individual preferences. This trend is expected to grow, leading to more personalised recommendations and user engagement.
Career opportunities in E&M
According to the Monitoring and Evaluation Industry, India’s media and entertainment (M&E) sector is predicted to employ as many as eight million people by 2025. The E&M industry offers a variety of careers.
Some of the popular job roles in the E&M industry are
- Content Creator
- Digital Marketing Specialist
- Video Editor
- Social media Manager
- Media Planner
- VFX specialist
- Animator
- Graphic designer
- Sound technician
- Event Coordinator
- Set Designer and many more
Keeping Track of trends in E& M: The need
By delving into the trends shaping the E&M landscape, we gain valuable insights into how content creation, distribution, and consumption are being reshaped. These trends often reflect larger societal changes and offer a glimpse into the future of entertainment and media.
Also, an understanding of the industry trends helps the stakeholders to identify the skills and qualities that are in high demand. This knowledge allows them to tailor their recruitment strategies, ensuring they attract and hire the right talent for their organization. In a rapidly evolving industry like Entertainment and Media, having the right people with the latest skills is crucial. Apart from crafting recruitment strategies, it helps in the effective design of the training and development programs thus upskilling or reskilling the employee – an important contributor to employee retention and engagement
PeopleLogic Opinion
With the sudden explosion of AI, VR, and AR technologies entertainment and media industry has taken huge strides already and is not showing any signs of slowing down. There will be a paradigm shift in the way the E &M industry will function, right from the conception of ideas to implementation. If OTT has brought movie theatres into the confines of one’s homes, then AR and VR would open a new world of metaverse providing the consumer with an interactive and immersive experience. With PUBG, Dota 2, and six more such games making a debut in the Asian Games 2023, esports has already arrived. Increasing corporatisation of the film industry, filmmakers and distributors are looking to modify their business models. All this and more make the E&M industry the sunrise industry in India.
