FINANCIAL TABOOS IN BROADCAST SLOWING MARKET PROGRESS
The latest technology is being prevented from reaching the mass market because media professionals won’t talk about asset finance, according to media asset finance company Azule Finance.
The claim comes as the result of a recent survey which shows that nearly two-thirds (64%) of broadcast professionals wouldn’t take out asset finance on new equipment because they believe their colleagues always pay in cash. The survey also highlights that nearly half (46%) of broadcast professionals have never heard of asset finance at all.
However the poll, conducted at BVE 2014 by Azule, reveals this belief is more of an assumption than fact. Almost three quarters (73%) of those questioned – who stated they were aware of asset finance – either said they would consider using finance, or already believe that it’s a useful business tool.
Peter Savage, managing director of Azule Finance, says, “Not talking about finance is an industry trait; we work in a niche sector which means we see and speak to each other regularly at various events throughout the year. Yet for some reason, even though a lot of people use it, no one will talk about taking out finance to get their project off the ground.
“People assume everyone pays for deals in cash. It’s a shame because this taboo is preventing the industry from evolving as fast as it could be. This means that exciting, cutting-edge developments, such as 4k seem unattainable to the masses when in reality, with the help of asset finance, they already are.”
Azule is the leading provider of asset finance and leasing solutions for the media and technology sectors in the UK and across Europe.