All the reasons to rejoice for Media and entertainment professionals
Facts about India television and media space
India is one of the largest TV market in the world, has a film industry that accumulated Rs 918 Billion in 2013 as revenues and is expected to grow up to Rs 220 Billion in 2018. With recorded growth of 11.8% over 2012, India has emerged as the world's third largest TV market, after China and the USA. The broadcast and distribution sector has 796 satellite TV channels, 6000 multi-system operators, approximately 60,000 local cable operators, 7 DTH operators and 4 IPTV service providers. With the presence of promising infrastructure; which is a prime factor to attract investments from all across the globe, of course, will generate employment opportunities for those who want a well grounded career in the Media and entertainment industry.
The recent launch of Make in India campaign
The recent launch of Make in India campaign by the prime minister has led to the second phase of positive sentiment towards the growth of this sector. Being a win-win situation for both; the employers and the job seekers, there is a wave of positive future outlook of the country. Media and entertainment, with its highest concentration in the geographical limits of the city of Mumbai, Jobs in Mumbai will get a multidimensional boost in job creation. There are several reasons which can be considered as the drivers of growth of this industry. Professionals from the domain of Media and entertainment will now get opportunities to work with employers from all across the globe, with whom they might have dreams to work with and soon the dream would come to reality. In this hub, I am going to share with you all the data that will serve as the foundation of upward growth; the media and entertainment industry is all set to witness.
Growth prospects in Digital technologies
\Not only films, but also the AGV (Animation, Gaming and VFX) domain of media and entertainment is expected to lead the growth of this sector. The advent of digitization of cable TV in India and introduction Direct-to-home (DTH) sevice has led to an increase in the number of subscription rapidly, which is driven by content and digital products. With the increase in the number of DTH subscription, the demand for content, products and services is increasing largely which would further grow in the coming months, and will closely impact job creation for animators, VFX artists and game designers; with opportunities to work for some of the world famous gaming companies and animation studios.
Subdomains of Media: broadcasting, content services, and print media
The Make in India, is not only concentrated towards the films and productions domain; moreover, FDI has been made available to the sub-domains of media and entertainment like broadcasting, content services, and Print media.
In the broadcast carriage services; 49% FDI has been agreed upon, which is under the automatic route and FDI above 74% will require approvals from the government. Here companies providing; teleports, DTH service, cable networks, and mobile TV are welcomed to make investments.
As for broadcasting content services like FM radios and news & current affair TV channels; investors can invest up to 26% as FDI.
As for print media, 26% FDI has been approved by the government. Agencies who publish news pertaining to news and current affairs have the leverage of contributing 26% as investments. Also those who publish and print; scientific journals, technical magazines, special journals and facsimile edition of foreign newspapers can invest 100% as FDI with prior approval from the government.
A Short Clip On Make In India Campaign
Investment opportunities that will foster job creation
Television: Professionals from this domain, must know the factors that will contribute to their professional growth; the advertisement revenues were INR 125 Billion in 2012 which are projected to go up to INR 253 Billion by 2018. The projection of revenues is an indicator of growth, which will attract investments in this job domain and will further enhance the growth prospects.
Print: Going by the compounded annual growth rate, which was 8.5% in 2013 and touched INR 243 Billion, has led to a positive sentiment in terms of growth of in the near future to rise in demand of niche magazines and periodicals. Professionals from the domain of journalism and mass media, now must look at developing their own niche, which will undoubtedly accelerate their chances of growth along with the sector.
Films: Films makes a significant contribution in the economy of our country. The current value of the industry stands at INR 125.3 Billion, which is projected to grow up to INR 219.8 Billion by 2018. This will directly impact job creation throughout various geographies of India as more and more multiplexes and screens will come up to help the industry as well as the job domain grow at large.
Also tourism will be directly impacted, as the government is setting up a single window clearance system for shooting productions.
Radio: The valuation of this sub-domain of media and entertainment stands at INR 8.4 Billion in 2008 which is expected to reach up to INR 33.6 Billion by 2018, when tapped by foreign investors. New licenses will create opportunities for radio professionals, those looking for a job change must wait for new players to enter the Indian market.
Music: Music industry is one of the flourishing industries in India, and does impact job generation in the media and entertainment job domain. INR 17.8 Billion is the projected growth of this industry by 2018 and with the introduction of 4G and 3G technology to its full potential will lead to an increase in paid digital downloads. Professionals from the telecom sector will also benefit from the introduction of FDI in this sector.
Animation and VFX: Arrival of International animation and film studios will contribute to the growth of this job domain. The current standing of this industry is at INR 39.7 Million which will rise up to INR 82.9 Million by 2018, and bringing in investments will require more resources to oversee the tasks or operation where the investments are assigned will create job opportunities for animators and VFX artists.
Companies that have already made investments
Already being the 3rd largest TV market in the world and a thriving film industry, are strong enough reasons for media and entertainment companies from international markets to set base here. To name a few, media and entertainment stalwarts; Walt Disney, NBC Universal, Ogilvy and Mather, Blackstone, Interpublic Group, Bloomberg, News Corp, Sony, Leo Burnett, and BBC; have utilized their FDI limits and are coming up with employment opportunities which have given rise to a number of jobs in Mumbai.
How will media and entertainment professionals will benefit from Make in India campaign
From an employment standpoint, Make in India campaign's primary objective is to create employment opportunities which not only gives a boost to job creation throughout the job sectors in India, but also to serve with opportunities for individuals to find employment with various international brands which might set their sail towards the country and establish businesses here. This will also increase the purchasing power in the hands of the citizens of the country; which would thereby cause a rise in the demand and supply giving implicit boom to manufacturing activity and the economy, as a whole.
Professionals from the media and entertainment domain, especially in the city of Mumbai will witness an upsurge in demand for media professionals, from all the domains. Animators, game designers, VFX artists, Professionals from FM Radio, Print media, broadcast and distribution must pull up their socks and look forward to many life changing opportunities, once global brands from International markets come in.