India's Media & Entertainment Sector Beats Trends; Shows Job Growth

India's media and entertainment industry has been volatile. Tech layoffs were also witnessed last year. August 2024, however, has emerged as a month of contrasts, painting a picture of resilience in some sectors while highlighting ongoing challenges in others. 

The latest Naukri JobSpeak report offers a nuanced view of the white-collar job market, revealing trends that could shape the future of employment in the country.

Resurgence In Media & Entertainment Sector
The media and entertainment industry witnessed a 10 per cent year-on-year increase in job recruitment. 

The job index for the sector reached 437 points last month, up from 397 points in August 2023. However, this marks a 17.2 per cent month-on-month decline from July 2024 when the index stood at 528 points, as per the Naukri JobSpeak August 2024 report. The volatility indicates the need for job seekers to remain adaptable and for industry leaders to stay vigilant in their hiring strategies.

AI's Upward Trajectory
In contrast, Artificial Intelligence and Machine Learning (AI/ML) roles experienced a 14 per cent increase in August 2024, with the index climbing to 1454 points from 1280 points a year ago. The growth reflects the increasing integration of AI technologies across various industries and highlights India's growing importance in the global tech ecosystem.

Sectoral Shifts
The FMCG and Pharma sectors showed strong performance, with the FMCG sector growing by 11 per cent year-on-year, driven particularly by Bengaluru and Kolkata. The Pharma sector grew by 9 per cent YoY, with Baroda seeing a 44 per cent increase in August 2024. Conversely, the retail and telecom sectors saw declines of 8 per cent and 13 per cent, respectively, bringing their indices to 1,420 points.

The data also highlighted that fresher recruitment remained robust in cities like Kochi, Baroda and Coimbatore compared to major metros such as Bengaluru, Delhi and Mumbai.

MNCs vs Startups
Startups and unicorns in Bengaluru outpaced foreign MNCs and Global Capability Centers (GCCs) in hiring, with Chennai showing similar trends and Hyderabad presenting a mixed picture with varied recruitment patterns between startups, GCCs and MNCs.

Additionally, there was a 7 per cent decline in job opportunities for professionals with 0-3 years of experience compared to August 2023, while hiring for those with over 16 years of experience saw an 11 per cent increase.

Reema Bhaduri

BW Reporters The author is the Editorial Lead at BW Businessworld. Majorly writes on marketing, advertising, experiential marketing and retail. She closely looks upon the vertical of BW Marketing World and BW Retail World.