Thrust on skilling crucial for M&E sector’s global leap

Mumbai: A thrust on skilling of the youth from the tier 2 & Tier 3 cities along with reskilling and upskilling of the existing workforce in the media and entertainment industry would help the sector take a leap and India becoming the most preferred global destination, reports released at the World Audio-Visual and Entertainment Summit (WAVES) here on Saturday have said.

EY India’s report ‘A Studio Called India’, BCG’s report ‘From Content to Commerce’ and Event FAQs Media’s report ‘India’s live events economy – A strategic growth imperative’ were the key reports released by the Union Minister of State for Information & Broadcasting Dr. L. Murugan at the summit.

The reports highlighted the potential that Indian M&E sector holds in terms of global impact. With over 1.4 billion people, including a rapidly growing middle class, the demand for varied and high-quality content is ever increasing. This demographic advantage ensures a steady and expanding market for media and entertainment products. It is interesting to note that digital media overtook television for the first time, becoming the largest segment in India at over INR 800 billion, contributing 32 per cent of M&E sector revenues in 2024.

This digital revolution has transformed the landscape of content consumption. Two lakh hours of content was produced in the country last year, excluding news bulletins and UGC, reflecting the vast and diverse consumer market the country offers to content creators, said the report that highlighted India as the provider of content and media services for the world.

The minister also released the minister’s statistical handbook on media and entertainment sector 2024-25 and a regulatory handbook on Indian Media and Entertainment sector prepared by the legal firm Khaitan & Co.

The EY India report warned that for the potential of the sector to be realized India will need to create high quality resources for future job demands and bridge skill gaps in emerging domains such as immersive media (AR, VR and XR), AAA gaming, high-end animation and VFX.

The report also says that, to fully harness this potential, it is essential to address emerging risks such as job displacement from automation, talent out-migration and the lack of standardized certifications. “Strengthening the talent pipeline through targeted policy support, updated curricula, and deeper industry-academia collaboration will be key. Greater diversity in leadership and creative roles will be essential to unlock the full potential of India's creative economy. By building an inclusive, future-ready skilling ecosystem, India can cement its position as a global leader in creative and digital media talent,” the report warns.

For media tech companies, India's skilled workforce and competitive production costs make it an ideal location to set up operations. The availability of talented professionals in fields such as animation, visual effects, post-production as well as Al and technology ensures high-quality output at cost-effective rates, the report adds.

The reports also hailed initiatives such as the proposed National AVGC-XR Mission, the upcoming Indian Institute of Creative Technology in Mumbai, and progressive state-level policies stating that they are expected to significantly boost employment and entrepreneurship in the M&E sector in the country.