Mumbai: The Indian film, television and OTT sectors supported over 2.36 million jobs in 2017 and they are set to flourish in the next few years, according to a new report.
The report finds that the film, television and over-the-top (OTT) services are going through positive trends that will drive a compound annual growth rate of around 12 per cent over the next five years, read a statement citing the report.
The television sector, it says, will continue a healthy growth curve of 15 per cent. The film business can expect six per cent growth — with additional growth if India’s low screen density is addressed.
However, it is the OTT business, though coming from a low base, which promises the most exceptional development, anticipated to grow 26 per cent through to 2022.
The findings were part of an Economic Contribution Report by Motion Picture Association (MPA) and Deloitte in association with Producers Guild of India and Federation of Indian Chambers of Commerce and Industry (Ficci).
It was launched during the Ficci Frames 2018 here on Monday.
It encompasses direct industry jobs, along with indirect jobs of companies with which the industry does business. This includes caterers, dry cleaners, hotels, florists, hardware and lumber suppliers, software, and digital equipment suppliers, as well as those doing business with consumers, such as home entertainment distributors, theme parks and tourist attractions.
Mike Ellis, President and Managing Director, Asia Pacific, Motion Picture Association (MPA), said in a statement: “There’s no doubt that the screen community is fuelled by aptitude, innovation and unrivaled entrepreneurship, and supports millions of people with quality, rewarding careers and jobs.
“We remain committed to helping build a vibrant industry and a dynamic online legitimate marketplace.”
According to Siddharth Roy Kapur, President, Producers Guild of India, “Our dynamic industry not only provides high quality jobs and powers the creative digital economy, but is also a huge proponent of India’s soft power around the world.
“It is crucially important that all stakeholders from the industry and the government play their part in creating an ecosystem that incentivizes growth, encourages creativity and rewards innovation.
“This will help the India’s media and entertainment industry to continue to punch way above its economic weight when it comes to the extraordinary impact it can have on telling the India story to the world.”
Ficci’s Secretary General Sanjaya Baru said the growth of the film industry can be achieved by; “making it simpler to build and open cinemas around the country; ramping up anti-piracy measures, introducing a ratings or classification system, easing production clearances, addressing GST challenges, and providing incentives to shoot in India”.
“If all stakeholders play their part, 2018 could be the year to find solutions to many of these issues,” Baru added.