AbstractPolicymakers and societies are grappling with the question of how to respond to deepfakes, i.e., synthetic audio-visual media which is proliferating in all areas of digital life– from politics to pornography. However, debates and research on deepfakes’ impact and governance largely neglect the technology’s sources, namely the developers of the underlying artificial intelligence (AI), and those who provide code or deepfake creation services to others, making the technology widely accessible. These actors include open-source developers, professionals working in large technology companies and specialized start-ups, and for deepfake apps. They can profoundly impact which underlying AI technologies are developed, whether and how they are made public, and what kind of deepfakes can be created. Therefore, this paper explores which values guide professional deepfake development, how economic and academic pressures and incentives influence developers’ (perception of) agency and ethical views, and how these views do and could impact deepfake design, creation, and dissemination. Thereby, the paper focuses on values derived from debates on AI ethics and on deepfakes’ impact. It is based on ten qualitative in-depth expert interviews with academic and commercial deepfake developers and ethics representatives of synthetic media companies. The paper contributes to a more nuanced understanding of AI ethics in relation to audio-visual generative AI. Besides, it empirically informs and enriches the deepfake governance debate by incorporating developers’ voices and highlighting governance measures which directly address deepfake developers and providers and emphasize the potential of ethics to curb the dangers of deepfakes.