Latest news with #Section481
The Journal
08-07-2025
- Business
- The Journal
Ireland should imitate South Korea's K-pop success with music industry supports, IMRO says
IRELAND SHOULD TAKE inspiration from South Korea and develop structures to support the music industry similar to those that have led to K-pop's worldwide popularity, the Irish Music Rights Organisation has recommended. IMRO published a report on wide-ranging research into the Irish music industry today that shows the sector contributes €1 billion to the economy every year. Despite this, it also found that artists are struggling to work in the industry full-time, face financial precarity if they do, and often supplement their incomes by working in other sectors. The Irish music industry employs an estimated 13,400 people directly, but only 43% of those work in the sector full-time. The majority work part-time or supplement their income with other work, the research found. 'In fact, around 68% of IMRO members rely on additional sectors to sustain their careers, reflecting the widespread dependency on external income sources,' the report said. Employment within the music industry also tends to fluctuate with seasonal opportunities, especially during the summer months when most music festivals take place, IMRO said. People commonly find other sources of income in teaching, information and communication, and administration. IMRO said that other sectors provide financial stability, 'often offering higher-than-average wages compared to the music industry'. Among the recommendations that accompanied the research results was that the government support and promote musicians the way it has done with the Irish film industry, which has produced significant results in the form of international awards and production activity in Ireland. This could be done, IMRO suggested, by amending the Section 481 tax credit available to people in the film industry to include those who work in the music sector. That would 'introduce specific tax incentives for using Irish music within audiovisual productions,' IMRO said. Advertisement Another suggestion in the same vein is to establish a system like that found in South Korea. IMRO said that while Ireland is successful in cultivating grassroots and independent talent, it is 'seen to lack the level of state intervention and global marketing machinery seen in the likes of South Korea, where K-pop's global success is underpinned by systematic training programmes, high-budget productions, and strategic marketing'. Another significant and related challenge faced by musicians is the enormous disparity in the distribution of revenue garnered by streaming services like Spotify. IMRO noted that while digital platforms have helped artists when it comes to access and visibility, 'they have exacerbated income disparities, leaving many creators under-compensated'. 'Policies, grants, and innovative revenue models are needed to create a sustainable ecosystem that supports artists at all levels,' IMRO said. The report also recommended making the Basic Income for the Arts scheme, which has been piloted in parts of the country, a permanent fixture. It also recommended 'increasing access to project-based funding, and fostering opportunities for income generation through touring support, international showcasing, and professional development initiatives'. Another issue facing people in the industry is the development of generative AI models that can create music. Those models threaten musicians in two main ways – competition and plagiarism. Fair AI legislation and regulations to protect the music industry are what is needed, IMRO said. This should be done 'by fully implementing the EU AI Act to ensure platforms conform to their transparency obligations and that a regulated market is maintained for the licensing of existing copyright works', it recommended. Labour TD Alan Kelly, who serves as Cathaoirleach of the Joint Oireachtas Committee on Arts, Media, Communications, Culture and Sport, said that while the research shows the benefits the music industry brings to the economy, it 'also serves as a timely reminder that passion alone cannot sustain a career in music'. 'Too many of our artists and songwriters are grappling with financial insecurity, exacerbated by the unfair distribution of streaming revenues and the growing challenges posed by AI. 'Government must take these findings seriously.' Readers like you are keeping these stories free for everyone... A mix of advertising and supporting contributions helps keep paywalls away from valuable information like this article. Over 5,000 readers like you have already stepped up and support us with a monthly payment or a once-off donation. Learn More Support The Journal
RTÉ News
08-07-2025
- Entertainment
- RTÉ News
Music industry contributes €1bn to Irish economy
The Irish music industry contributes €1 billion annually to the Irish economy, according to a new report published today by IMRO (Irish Music Rights Organisation). The report also states however, that despite the significant levels of interest and spending on music in Ireland, the dream of becoming a professional musician "remains out of the reach of many." In 'Music report 2025', IMRO found that live events (gigs and festivals) dominate consumer expenditure, generating €786 million annually. The research states that concerts in high-capacity venues account for the largest share at €298 million, while the average spend on music festivals is €194 million. IMRO Chairperson and singer/songwriter Eleanor McEvoy said that "at the heart of this report is a clear truth: Irish people don't just enjoy music - they live it." However, Ms McEvoy also pointed out IMRO's view that there is a need to ensure that musicians are "fairly compensated in the streaming economy", protected from emerging risks such as "unregulated AI," and supported through initiatives like Basic Income for the Arts and Section 481 reforms. The report provides information on consumer spending on streaming services, stating that the spend reached €375m in 2024 with 53% of adults subscribing to services like Spotify, YouTube Music, and Amazon Music. Spotify is the most popular streaming service the research found. The report also states that the average adult spends approximately €1,000 per year on music related products and services, with a spend of €757 per year on music events. The balance is spent on streaming, merchandise, and other music related products including physical media such as vinyl and CDs. This new research states that the Irish music industry employs over 13,400 people, however it warns that the work is "seasonal" and not a full time job. Concerns were raised at the cost of accessing music experiences, with two thirds of adults flagging the cost of tickets as the main barrier to attending gigs and almost half (49%) highlighting accommodation costs as another issue facing fans going to music events. IMRO highlights the organisation's concerns that despite significant consumer spending, many Irish artists struggle to make a living as annual income for full time music professionals is almost 40% lower than national average. The members are calling for better financial support and robust protections for music creators, including fair remuneration and safeguards against the "misuse of AI". Among the recommendations listed in the report, IMRO is seeking "specific tax incentives for using Irish music within Audiovisual productions", and continuation of support for Ireland's grassroots music venues. Chair of the Oireachtas Committee on Media Alan Kelly launched the report and said that while he welcomes the findings, the report serves as a timely reminder that "passion alone" cannot sustain a career in music, adding that too many artists and songwriters are grappling with "financial insecurity," exacerbated by the unfair distribution of streaming revenues and the "growing challenges posed by AI". Deputy Kelly also said that "Government must take these findings seriously." IMRO was set up to administer the performing right in copyright music on behalf of its members (songwriters, composers and music publishers) and on behalf of members of the international overseas societies that are affiliated to it.
Irish Independent
28-05-2025
- Business
- Irish Independent
Section 481 film tax credit gets an 8pc uplift
Media Minister Patrick O'Donovan and Finance Minister Paschal Donohoe jointly launched an enhanced Section 481 tax credit for mid- to lower-budget feature films. The change was signalled in last year's Budget, and the official announcement was due to be made two weeks ago. It was postponed following US president Donald Trump's threat to put a 100pc tariff on movies produced outside America. Mr Trump claimed Hollywood is dying a 'very fast death' due to other countries offering 'all kinds of incentives to draw our filmmakers away'. In a post on Truth Social, he added: 'WE WANT MOVIES MADE IN AMERICA, AGAIN!' Government sources told the Irish Independent earlier this month that the official unveiling of the improvement to the Irish film tax credit was postponed as a result. It was decided that a launch just after Mr Trump's tariff threat would have sent the wrong signal to the US administration. The improvements to the Section 481 scheme will be backdated, so that film-makers applying for the tax credit do not lose out as a result of the postponement. Branded as 'Scéál', the scheme is an 8pc uplift to the existing 32pc tax incentive, bringing it to a total of 40pc. It will be available to feature films with a budget of less than €20m. At least one of the key creative roles – director, screenwriter, composer, editor, cinematographer and production designer – must be taken by a native or resident of the European Economic Area. In animated feature films, the key creative roles include art director, composer and production designer. Another condition of the tax break is that the film must be intended for exhibition at a commercial cinema in Ireland for at least five days. The ministers said the aim of the uplift is to encourage and support smaller-scale Irish cinema, providing opportunities for film creatives based in Ireland as they build their careers. Mr Donohoe said: 'The Scéal uplift is a fantastic addition to our already globally recognised Section 481 film tax credit. The uplift will be of great benefit to our smaller indigenous productions, the type that portray Irish stories on screen and project them all over the world.' The Government also intends to provide a tax break for unscripted productions, which include reality shows, chat shows and other light-entertainment programmes that are often filmed before a live studio audience. This means the likes of The Late Late Show on RTÉ could qualify. The Department of Finance has notified the new relief to the European Commission, whose officials are now examining whether it complies with EU rules on state aid.
RTÉ News
27-05-2025
- Business
- RTÉ News
'Scéal' tax credit scheme announced for Irish movies with budget of €20m
Irish movies with a budget of up to €20 million have been given an uplift today with the announcement of the 'Scéal' tax credit scheme by Minister for Arts and Culture, Patrick O'Donovan. This new enhanced tax credit specifically targeting mid-to-lower budget films, provides an additional 8% uplift tax relief to Ireland's existing 32% tax incentive for film and television, Section 481. Speaking at the launch, Minister O'Donovan said that this is a positive change to Section 481 which will "benefit the Irish film industry, Irish film workers in senior creative roles and Irish cinemas". The 'Scéal' strand of Section 481 provides an additional tax relief to production companies producing small to medium sized feature films or animated feature films. Additionally, the uplift of 8% will be available to feature films with a budget of less than €20 million where at least one of the key creative roles of film director, screenwriter, or composer, amongst other key creative roles, is a national of, or ordinarily resident, in Ireland or the EEA. Minister for Finance Paschal Donohoe said at the launch that "Scéal Uplift is a fantastic addition to our already globally recognised Section 481 film tax credit." The uplift will be of "great benefit to our smaller indigenous productions, the type that portray Irish stories on screen and project them all over the world," he added. The feature film must be intended for exhibition at a commercial cinema in Ireland for at least five days. At the launch, Fís Éireann/Screen Ireland also announced details of a new Irish-language slate development fund, 'Smaointe', that will support Irish production companies as they develop a slate of creative projects in the Irish language. 'Smaointe' will support Irish-language narrative projects across film, television and animation, and companies specialising in Irish-language production. Désirée Finnegan, Chief Executive of Screen Ireland, also welcomed the roll out of the 'Scéal' and 'Smaointe' schemes, saying that they would "create a new opportunity for Irish filmmakers and screen artists." Members of the Irish film sector have been campaigning for an extension of the 481 tax credit scheme. In Screen Ireland's most recent analysis of the Irish film production industry covering 2021-2023, published in January, the report found that the audio visual sector is worth €1 billion to Ireland. The report noted that the Section 481 tax credit was "hugely significant for the industry as two thirds of production spend was supported by this tax relief."
Business Post
10-05-2025
- Business
- Business Post
What the Papers Say: Dua Lipa and Paul McCartney demand action on AI ‘rip off'; Trump warms up to China; film tax breaks paused
10 am - Good morning from a busy Business Post newsroom. Editor Daniel McConnell here with your Saturday morning round-up of the main stories making the headlines here in Ireland and across the globe. Paul McCartney, Elton John and Dua Lipa urge Starmer to back UK artists in AI copyright row Sir Paul McCartney, Richard Curtis and Dua Lipa are among the 400 top musicians, artists and media executives who have written to UK Prime Minister Sir Keir Starmer seeking support to protect copyright from being ripped off by artificial intelligence tools. The Financial Times says the letter calls on Starmer to next week back an amendment to a bill introduced by Baroness Beeban Kidron, a crossbench peer, that would give transparency and protection over whether artists' work is being used to train AI models. Kidron's amendment would make tech giants tell copyright owners which individual works — from music and books to films and newspapers — they have used to train their AI models. This would allow companies and artists 'to hold AI firms accountable for the mass theft of creative works that continues to take place', the letter says. Donald Trump signals openness to cutting China tariffs US President Donald Trump has signalled his openness to cutting tariffs on China ahead of Saturday's high-stakes talks between the world's two largest economies, as both sides seek to de-escalate their trade war, the Financial Times reports. In a post on his Truth Social network, Trump suggested the US could almost halve its tariffs on Chinese goods, which stand at 145 per cent, while calling on Beijing to open up its markets to American products. '80% Tariff on China seems right! Up to Scott B,' he said, in a reference to the Geneva meeting led on the US side by Treasury secretary Scott Bessent. Bessent and trade representative Jamieson Greer are set to meet China's vice-premier, He Lifeng, as the two countries seek to look for ways to unwind their huge levies on each other in a tit-for-tat confrontation that threatens the global economy. Improvement to Irish film tax break delayed due to Donald Trump tariff threat The Government postponed the announcement of an improvement to Ireland's film tax incentive this week, following US President Donald Trump's threat to put a 100pc tariff on movies produced outside America, the Irish Independent reports. Government sources say that an announcement about Section 481, the Irish film tax credit, was called off as a result. Because it would have made Ireland more attractive as a film destination, a decision was taken that the timing was wrong, and it might have sent the wrong signal to the US administration. Ministers receive pay increases in new Cabinet under public sector deal Several ministers received substantial pay increases when they were reappointed to the Cabinet when the Government was formed in January, the Irish Times reports. Following a repeated series of queries from The Irish Times over the past month, the Government said it was intended that ministers would apply similar arrangements to the last government when a portion of their salaries was gifted back for the duration of the administration. During the last government, ministers approved a series of public sector pay increases but sought not to benefit themselves, instead gifting back 10 per cent of their salaries to the Exchequer. However, these arrangements lapsed when the last government ended. No similar arrangement was put in place when the new Cabinet was appointed in January of this year – meaning that the full ministerial salary applied. This meant that those ministers who were reappointed saw a significant increase in their monthly salary. €36m restoration works begin at Dublin's famous College Green bank Restoration works have begun at Bank of Ireland's branch on College Green, one of Dublin's most important historic buildings, as part of a three year €36 million project, the Irish Times reports. Built to house the Irish parliament in the 18th century, the building has been home to the bank since 1803 following the Act of Union, opening to the public five years later. It is one of the oldest banking halls in continuous use in the world. While it has been maintained and adapted for modern use over the years, many of its oldest features have been largely untouched including some windowpanes which were part of the original structure. Rolls-Royce and Aston Martin shares leap after US-UK trade deal Rolls-Royce and Aston Martin shares surged after the trade deal between Donald Trump and Sir Keir Starmer gave them easier access to US markets, the Daily Telegraph reports. Rolls, a major manufacturer of jet engines, was one of the biggest risers on the FTSE 100 share index after Howard Lutnick, the US commerce secretary, said the aerospace company's engines and plane parts would not be subject to tariffs. Shares rose 4.5pc to 783.46p to close the session above the level they traded at before Mr Trump's wave of tariffs on April 2. Luxury carmaker Aston Martin, which gets more than one third of its revenue from America, soared 14pc. A week ago, it had warned investors that it was limiting exports to the US as a result of Mr Trump's trade war.
