The body representing UK audio production companies has called on the government to introduce tax breaks to boost the sector.
AudioUK’s new report states that tax breaks would benefit from growing investments in podcast and audio book production by international brands and broadcasters.
It believes audio should benefit from the same facilities as high-end television production, animation, and video games.
“Our members are beginning to see the benefits of growing podcasts and audiobooks – as entrepreneurs, they want to grow their business with their vast experience in audio production,” said Kellie While, President of AudioUK.
“But it won’t be long before other nations start developing their own podcasting capacities, and we are already seeing an example or two of support from other governments for this. So now is a critical time to introduce this tax break to ensure our creative industries can take full advantage of growing international investment. “
Tax breaks would directly reduce the amount of tax for productions that meet certain criteria.
The report includes a financial analysis by the specialist consulting firm Communications Chambers, which estimates that the introduction of an APTR (Audio Production Tax Relief) would result in “a net profit for the Treasury Department in relation to its overall contribution to the economy”.
“As an independent audio production company outside of London, we are always looking for ways to find new platforms for our work and commercial opportunities to help us create audio for new markets,” added Melanie Harris, MD of Manchester’s Sparklab Productions.
“We are becoming increasingly successful in building new commercial partnerships, both in the UK and around the world. Given the development of audio production in recent years, it seems like a mistake to remove it from the list of creative industries eligible for tax breaks. A tax break for audio production would be a big boost for our sector and incentives for more investment in companies and projects dedicated to audio production. “