The media and entertainment industry accounts for about 5% of our GDP and comprises multiple verticals such as movies/cinema, television, music, radio, advertising, and more. Lockdown forced people to be at home leaving them with the internet as their sole source of entertainment. People are spending more time on the internet, which means they are consuming more data and are in need of new information every day. As a result, online data consumption has increased by 30%, and it appears that this trend will continue. This creates a huge demand of creators and their teams of artists to produce new content in order to meet consumer demand.
Media and Entertainment (M&E) is the fastest-growing industry, and it employs a large number of people. Despite the pandemic, this industry continues to develop, owing to the fact that it has changed to keep users engaged. Although the pandemic had a significant impact on the movie business, it is now recovering and coming back on track. From January 2022, government gave green signal for reopening theatres, which will create more revenue as a survey reveals that people still want to see live music and cinema. To match the increased demand on OTT and now in box offices, creators want highly qualified and talented person who can do work faster and with perfection.
It is an excellent opportunity to enter the world of creativity and start a journey towards a dream career, as this industry will undoubtedly grow as it analyses market gaps, promotes innovation, and adapts accordingly. Take a certification course to open the door to a career to the most fascinating industry.
The M&E industry has undergone a major transformation as a result of the pandemic, with earnings falling from ₹1.82 trillion in 2019 to ₹32.2 billion till the second quarter of 2020. COVID-19 has completely transformed people's lifestyle, even internet access is now available in the most remote parts of India. The good side of the pandemic is that we have accomplished technological advancement in just 2 years that was predicted to take 5-10 years. From advancement I mean, accessibility of the internet in the rural India, the real India, where 60-70 percent of the Indian population resides. All this bought immerse growth in M&E sector as it was the only source of entertainment left.
To accommodate the growing demand, the M&E business expanded quickly and shifted online. Due to which online data consumption increased rapidly, despite of the sudden fall the industry rebounded, and by the end of 2020, it had reached a total value of ₹1.38 trillion. Then, thanks to OTT platforms, they continued to increase in 2021, shattering all previous records and reaching ₹1.78 trillion. According to a study, this sector is predicted to be worth $151.8 billion in 2023, resulting in a huge number of job possibilities in fields such as Graphic Designing, VFX, Animation, UI-UX, Photoshop, and many more. If you want to pursue a career in the creative field, now is the time to do so.