The outlook for media and entertainment 2018 has been abuzz with data wars in the telecom circle. What is more interesting is the way an Indian consumer is consuming gigabytes of media without blinking an eye. Most working professionals, housewives, children, and elders have already tasted video streaming of engaging content over social media and general entertainment online like never before. The virtual world has certainly taken over the real one. Mobile entertainment is no more alien.
Gizmos and gadgets have disrupted our medium and preferences of entertainment and communication. Data has been a catalyst in the making of new-age entertainment. Television which was the most penetrated platform for entertainment has witnessed a shift in mobiles and internet making a way in the palm of a common man. Be it cricket score or watching a new movie or catching up a daily soap has disrupted traditional form of entertainment. This technical advancement of online streaming has been well received by netizens in urban and rural India.
The M&E industry is progressing with online data as a major game changer. There are more opportunities for new talent right from professionals in creative to production and client servicing. Animation has been in great demand with a growing audience in kids' entertainment. Yes, each role is mostly technology-centric. Wooing, engaging and sustaining a consumer in the digital world have become imperative.
Entertainment has branched out not only in customised offerings across age groups but also is language driven. Regional is the flavor and natives have far better opportunity in a regional channel in entertainment. 'Lifestyle and infotainment' are new customised categories that have received viewership from a significant number of audiences. From a career perspective, media and entertainment industry is offering job roles which cover responsibilities over and above core expertise. The industry is getting disruptive by the day and need for talent acquisition under multiple roles has been in demand.
With digital marketing becoming an indispensable part of marketing communication across industries, there has been more demand for inhouse media marketing professionals. Digital marketing has grown into social media management and creating website experience in various formats. More consumer-driven sectors and practices like Banking, Retail, Healthcare, Rural Marketing are hiring young managers with an eye for digital media.
Economic impact of the M&E industry
There are a number of production houses that are putting together branded content. As a result, Advertising is currently undergoing a sea change. It is growing with more engagement. A recent report places media and entertainment as one of the fastest growing sectors after China in Asia. Also, Mobile is rising fast with internet packs becoming economical. These are definitely some changes that will impact the turnover of companies in M&E sector positively.
With this, there are many jobs in media planning, advertising, digital marketing and image management. The industry is shaping to become more organized and goal-centric thus attracting young talent from an executive to a chief level position. The number of consultancies, start-ups in digital marketing and freelancing has been growing.
A Word of Advice
While there are umpteen opportunities in media and digital marketing is one of the trending careers, students must match their capabilities with job roles. Internships are best ways to gain an understanding through handson assignments and interactions with senior professionals. Networking with alumni also helps gauge right expectation as work.
The Future of Media and Entertainment
The coming years and mostly 2018 will see the adoption of new technologies through AI & VR. More professionals with unlearn and relearn are to have an edge in the job market. More youngsters will enter the market. But you need to figure a stream that suits you so you become a successful professional in your chosen field.
So, the scope is growing in different ways in the media and entertainment sector, apart from the traditional roles. With the sector experiencing exponential changes, the attitude to learn, keeping oneself updated and well read on the developments and having an open mind to understand the "ground realities" of this sector and most importantly, spending enough time in the sector can eventually yield rich dividends. Like in every other field, it requires passion and the right attitude to survive and grow.
Prof. Dr. Uday Salunkhe
Prof. Dr. Uday Salunkhe is often referred to as a leader and a visionary. He is the group Director of Welingkar Institute of Management and Research (WeSchool), in Mumbai and Bangalore. He has a great reputation in India and abroad. He has been invited as a guest faculty to prestigious institutes like the Harvard Business School and the European University in Germany. He has also conducted seminars at the Asian Institute of Management in Manila.