Many broadcast professionals know nothing about using asset finance to fund equipment purchases and as a result are sacrificing quality for price when buying new kit, according to a poll by Azule Finance.

A survey of broadcast professionals at the industry’s keynote event BVE 2014 found that 79% reported neglecting quality and shelf life when choosing equipment in favour of concentrating on the price tag as their main concern.

However, the results of the Azule poll indicated that almost half (46%) of broadcast professionals had not heard of asset finance.

The research showed that despite the highly competitive nature of their industry, cutting-edge equipment only ranks fourth in the list of priorities for broadcast professionals when making a purchase. Product shelf life (43%) was also not the highest priority, suggesting that short-term fixes are being chosen over products that could stand the test of time.

Peter Savage, managing director of Azule Finance which specialises in funding and leasing solutions for the media and technology sectors, said: “We’ve seen all areas of the broadcast industry hit by the tough economic climate over the last few years, and it is good to see people stopping to think twice before spending money they don’t have. But should quality suffer as a result?”

“It is important that broadcast professionals don't fall behind technologically and finance is the perfect product to help you ‘keep up with the Jones’. Finance really shouldn't be the taboo subject it is perceived to be. Most of the larger companies use it to keep up with their competitors without the inherent cash flow risk,” Savage maintained.