Tech-driven entertainment business will create jobs, money: Suresh Prabhu
Union Minister Suresh Prabhu today said entertainment is one of the fastest growing businesses, and the sector driven by technology will create jobs, money, and promote economic activities. He said the Entertainment Technology Show (enTTech), from 7-8 March in Mumbai, supported by the Commerce and Industry Ministry would bring young minds together who will be driving the entertainment sector through technology. Here's more.
Entertainment is the fastest growing business: Suresh Prabhu
In a video message at enTTech, Commerce Minister Prabhu said many "young minds have driven technology even in the most successful markets of the world, including Hollywood." He added: "It is a very good idea to bring them together and think about their creative ideas, as to how to boost the entertainment business through technology. It will be a money spinner, a job creator."
Youngsters are incubators of new ideas
Acknowledging that technology is the driving force of most activities, Prabhu said youngsters are incubators of new ideas. The Minister, who couldn't attend the event due to the Parliament session, assured that he would support the industry's ideas and work in a proactive manner.
Media and entertainment industry generated Rs. 50,000cr revenue in 2012-17
The size of Indian media and entertainment industry, which grew at a rate of 10% over the last five years, between 2012 and 2017, has added over Rs. 50,000 crore of revenue, according to a recent report compiled by industry body CII and Boston Consulting Group (BCG). It also estimated that the media and entertainment industry employs over a million people.
Industry expected to generate 7-8 lakh more jobs
The CII-BCG report said that the total employment generated by the media and entertainment industry - including direct, indirect, and induced jobs - is close to four million jobs. It is expected to create an additional 7,00,000-8,00,000 jobs in the next five years.
