Music industry tax breaks needed, urges Cooking Vinyl MD

TGE 2015

TGE 2015The UK government needs to give tax breaks directly to music businesses, in line with its policy in other creative sectors, Cooking Vinyl’s MD has said.

Martin Goldschmidt made the comments as part of a Vote For Music Keynote address at The Great Escape conference in Brighton.

In his speech, the executive stated that the current tax breaks offered to the music industry give them to private investors rather than the creative industries itself.

Martin said: ‘Support would be best targeted as a tax break for recorded music production.

‘Many of the tax breaks offered to film, video games, theatre and now orchestras were designed in part to mitigate the damage done by piracy and market failure. But what creative industry has been hit harder by online piracy than recorded music? Record companies have been hit hard, but recording studios and their workers have been hit hardest.’

He called on the music industry to overhaul how it interacts with UK government to send a united message to the authorities surrounding its finances.

Other speakers at the session included Martin Elbourne (co-founder of The Great Escape), Meredith Cork (artist manager at Yellowbrick Music) and artist Dan Le Sac.