AudioUK has set out a series of measures to put audio production on the same level as television, film, games and animation.
Chloe Straw, Managing Director of the audio industry’s trade body was speaking at this week’s Westminster Media Forum on the future of the radio and audio sectors:
“As the market continues to grow at a pace that could only have been imagined ten years ago, the opportunities are there for the taking, but we need to be quick,” she said.
“The global podcasting market is expected to grow at a rate of 31.1%, to reach $94.88 billion by 2028. The UK sector is currently one of the most developed in terms of numbers of companies and professionals involved in audio production. But this may only be for a period of time as other countries seek to build their own sectors.”
Straw added that in terms of strategic policymaking, there were areas where audio production was not “on the same footing as other creative content production sectors.”
“At the most basic level, the current statistical groupings which DCMS uses to collect and report data do not include audio, just ‘radio broadcasting,’” she explained.
“And audio production is not represented on the Creative Industries Council, meaning a lack of input at that crucial strategic level.”
AudioUK is also calling for an Audio Production Tax Relief to encourage more overseas spending in the UK.
“The US audio market has grown exponentially in terms of revenue and audience. So one economy is producing a lot of podcasts and driving its revenue generation and therefore it is limiting the international market and wider economic benefits.
“A tax relief would allow a rebalancing of at least some of the production market power towards the UK, through incentivising investors to look at this country’s production sector. There is already a whole suite of creative industry tax reliefs – film, TV, video games and animation – but again, not audio.”
