Bengaluru, September 19, 2024: The Media and Entertainment (M&E) industry in India is witnessing rapid transformation, driven by digital advancements and shifting consumer preferences. In 2023, the sector grew by 8%, reaching a valuation of INR 2.3 trillion (US$27.9 billion), which is an impressive 21% higher than its pre-pandemic levels in 2019. This surge has been largely steered by new media sectors, such as digital streaming and online gaming, which signals the sector’s evolving landscape. Recognizing these dynamics, TeamLease Services, a leading staffing conglomerate revolutionizing employment, employability, and ease of doing business, has released ‘Employment Outlook Report’ for H1 FY25. This report highlights positive hiring trends across the M&E sector, with 48% of employers planning to expand their workforce in the first half of FY25.
India’s M&E industry is currently the fifth-largest globally, and its momentum shows no signs of slowing down. The industry is expected to grow to INR 3.08 trillion by 2026 achieving a compound annual growth rate (CAGR) of 10-12%. This expansion is being fueled by the rise of OTT platforms, online gaming, animation, and VFX, which are reshaping the growth trajectory of the industry. This trend is creating significant job opportunities in the sector. While the majority of the employers intend to increase their workforce, around 26% anticipate no change, and 26% foresee a reduction. Although the net employment change is projected at 2.37%, most hiring will be driven by the increased digital streaming platforms, scalable content creation technologies, and AI-powered tools that streamline processes and reduce the need for traditional roles.
TeamLease Services highlights the growing demand for professionals who can navigate the evolving digital advertising landscape. In the Media and Entertainment sector, sales roles will emerge as one of the most sought-after positions, with 56% of employers highlighting it as a key area for hiring. Marketing follows closely behind, with 42% of employers focused on hiring talent for promoting digital and traditional media platforms. This hiring trend is largely influenced by the rapid growth in retail advertisements driven by e-commerce and an expanding food and beverage market.
The hiring trend is particularly pronounced in certain cities. Delhi leads the charge for workforce expansion, with 41% of employers planning to hire in the existing job market. It is closely followed by Bhopal at 40% and Chennai at 39%. In terms of new job locations, Ahmedabad and Jaipur top the charts at 20%, followed by Lucknow and Bhopal at 19% each.
Mr. Subburathinam P, CSO-Staffing, TeamLease Services, said, “With Indian consumers now spending 78% of their time on media and entertainment apps via mobile phones, the demand for dynamic content and digital engagement continues to surge. By 2027, the sector’s revenues are forecasted to grow by 9.7% annually, reaching a staggering US$73.6 billion. This growth will significantly drive job creation, particularly in roles that support digital transformation, content innovation, and marketing.”
As India ranks 4th in ICT services exports, the country’s entertainment sector is poised to benefit from the increasing digital consumption. TeamLease Services is committed to providing comprehensive insights into the employment landscape of India’s M&E sector, offering valuable data and workforce solutions to help organizations navigate the complexities of a fast-evolving industry.