Audiovisual sector worth €560m to economy

FILM, TELEVISION and video production is worth almost €560 million to the economy and employs almost 7,000 people, according to a new report on the industry.

Bord Scannán na hÉireann and PricewaterhouseCoopers (PwC) yesterday published details of the first Irish economic survey of the audiovisual sector, covering film, television, animation, commercials, video and digital content.

The study found that the sector is worth €557.3 million a year to the economy and employs 6,905 people. There are an estimated 567 companies operating in the industry. The findings were used to demonstrate the sector’s worth to the Government when the industry was seeking extensions to section 481 film production tax breaks, which were announced at the committee stage of the Finance Bill last week.

The proposed amendment to section 481 will increase the maximum each individual can invest in film production to €50,000 from €31,750, and will allow them to claim the full sum against their tax liability rather than the 80 per cent currently allowed.

The study found that independent producers employed 85 per cent of the industry’s workers, with the balance engaged in broadcasting.

It also established that much of the growth in the business has been recent. More than 47 per cent of the companies that took part in the study were set up within the last five years. PwC said the trend was particularly evident among production and postproduction companies.

The business depends heavily on broadcasters such as RTÉ and TV3 buying programmes.