Entertainment industry grew at a rate of 10 pc over the last five years and added over Rs 50,000 crore of revenue.
Mumbai: Union Minister Suresh Prabhu on Wednesday said entertainment is one of the fastest growing businesses and the sector driven through technology will create jobs, money and promote economic activities.
He said the Entertainment Technology Show (enTTech) supported by the commerce and industry ministry will bring young minds together who will be driving the entertainment sector through technology.
"Entertainment is the fastest growing business. Many of these young minds have driven technology even in the most successful markets of the world including Hollywood. I think 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," commerce minister Prabhu said in a video message at the event.
"It will be a money spinner, a job creator and great (for) economic activity," he further added.
Acknowledging that technology is the driving force of most activities, he said youngsters are the incubators of new ideas. The minister who couldn’t attend the event due to the Parliament in session, assured that he would be willing to support the ideas of the industry and work in a proactive manner.
The size of Indian media and entertainment industry, which grew at a rate of 10 per cent 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 estimated that the media and entertainment industry employs over a million people. When considering the total employment, including direct, indirect and induced jobs, the total employment opportunities generated by the industry is close to 4 million jobs, it said.
The industry is expected to create additional 7,00,000-8,00,000 jobs in the next five years.