Growing preference for Digital Media & Entertainment careers over hitherto glamorous pathways such as Engineering and Management.
Mayank was possibly in the happiest phase of his life. All of 22, the relief from chucking studies for good was visible on his face. Fresh as a dewdrop, the newly minted graduate was upbeat about his career and raring to step into the real world. A lucrative job, the satisfaction of standing on his own two feet and the pride in his parent’s eyes; his dream future was just before him. Sadly, life didn’t play along and the dream went bust. Mayank, an aspiring Engineer from a reputed college now finds himself jobless, even a full year after graduation.
His father, an employee with a Hyderabad-based PSU is a worried man. Mayank, from Dilsukhnagar Hyderabad, completed his B.Tech in Mechanical Engineering and was keen on building a career in the manufacturing sector. Unfortunately, he was unable to get a job through his skills are highly relevant in industries such as Aerospace, Automobiles, Defense, Electronics, Infrastructure, Marine, Metals, Oil and Gas, Pharmaceuticals and Energy.
Mayank’s case is not an isolated one. This is the plight of lakhs of engineering graduates in India who find themselves stuck between a rock and a hard place. The employability rate of fresh graduates is declining steeply. Studies indicate that nearly 40 percent of the 15 lakh engineers India produces every year are not readily employable. Another study by ASSOCHAM reveals that only 7 percent of MBA graduates are employable. With the exception of government-run IIMs (Indian Institutes of Management) and a few others, a majority of the 5,000+ business schools in India are producing ill-equipped graduates who are unable to find gainful employment.
While there are several reasons for this sad state of affairs including the obsolete curriculum, and poor training, one of the key factors is the mushrooming of engineering and management institutes and the widening demand-supply gap with more graduates chasing fewer jobs.
While students across career streams, and the industry, in general, are grappling with this crisis, nowhere is it more concentrated than in hitherto mainstream career pathways such as Engineering and Management. As a result, students are increasingly scouting for superior alternatives. In the recent past, the academic sector has been witnessing a major shift to digital media and other new-generation career pathways which are proving to be more rewarding, secure and growth-friendly.
The Indian Media and Entertainment (M&E) sector is going great guns, growing at 13.4% year-on-year (YOY) to touch INR 1.67 trillion in 2018. It is expected to cross INR 2.35 trillion ($33.6 billion) by 2021, at a Compounded Annual Growth Rate (CAGR) of 11.6%, according to a FICCI and EY report. The movie industry, of course, is a major contributor to growth. Just one look at the index of films in leading film database websites will give you an idea of the huge business generated annually. The M&E sector is entering a phase of accelerated growth, powered by many factors including new video streaming platforms, the spread of regional content, growth of smartphones and penetration of affordable broadband. Truly, these are exciting times and a harbinger of the huge growth ahead for the M&E industry.
This huge growth is likely to translate into a plethora of jobs and boost opportunities for students learning Animation, VFX, Gaming, Graphic Design, Web designer courses and UI/UX Design courses. In fact, the media and entertainment sector’s growth is directly proportional to the population growth, as virtually every individual consumes entertainment in some form or the other. In this context, it’s safe to say that a career in M&E offers a secure and stable future with strong potential for career growth.
Today, jobs in media and entertainment are becoming more and more attractive. In fact, exciting and rewarding job opportunities exist not just in M&E sector companies but across other businesses including Animation & VFX Studios, Gaming Studios, Film Production Houses, Television Channels, Content Production Companies, Advertising & PR Agencies, Digital Marketing Firms, IT & ITeS Enterprises, Infrastructure & Real Estate Companies, Education & Training Companies, Pharma Research Firms, Industrial Design Agencies and e-Commerce & e-Education companies to name a few.
While an Animation/VFX/Gaming fresher commands INR 25,000 – 30,000 per month as starting salary, Graphic and Web Design freshers command INR 20,000 – 25,000 per month in the job market depending on various factors including the recruiter, the job role and the candidate’s caliber. Importantly, as this is a highly creative field, the growth potential is unlimited. Exceptionally talented candidates with 5+ years of high-quality experience are well-positioned to attract six figures salaries and more.
Some of the big recruiters of digital media talent across industries include Walt Disney Studios, Amazon, Deloitte, HCL, Infosys, Microsoft, MPC, Technicolor, TCS, Prime Focus, Deluxe Digital, Cyient, Prana Studios, Makuta, Green Gold Animation, Reliance Digital, DQ Entertainment, Orient Blackswan, Thomson Reuters, Tech Mahindra and EA to name a few. All these companies are many sought-after companies offering rewarding jobs with tremendous scope for career growth.
The shift, or perhaps more appropriately, ‘Exodus’ from conventional career streams to Digital Media & Entertainment is visible and is gaining traction even as technology and trends unshackle growth.
P.S.: Watch out for our next blog “Enhancing Employability of Young India. Since 1998”, a narrative on how India’s best digital media academy has been playing the training game smartly to help its students avoid the “unemployability issues” plaguing fresh graduates of engineering and other mainstream disciplines in India.