diff --git a/crates/rustmotion-cli/src/commands/validation.rs b/crates/rustmotion-cli/src/commands/validation.rs
index 9a7dafb..96ff6b0 100644
--- a/crates/rustmotion-cli/src/commands/validation.rs
+++ b/crates/rustmotion-cli/src/commands/validation.rs
@@ -188,6 +188,13 @@ pub fn load_with_vars(
     // renders.
     expand::expand_directives(&mut json_value, &label)?;
 
+    // Assets are relative to the scenario file, like `include` — and this must
+    // happen before `raw` is captured, so the existence check below and the
+    // renderer look at the same, already-resolved paths.
+    if let Some(dir) = source_path.as_ref().and_then(|p| p.parent()) {
+        rustmotion::assets::rebase_relative_paths(&mut json_value, dir);
+    }
+
     let scenario: Scenario = serde_json::from_value(json_value.clone())?;
     let resolved = include::resolve_includes(scenario, &include_source)?;
 
diff --git a/crates/rustmotion/src/assets.rs b/crates/rustmotion/src/assets.rs
new file mode 100644
index 0000000..1086fc8
--- /dev/null
+++ b/crates/rustmotion/src/assets.rs
@@ -0,0 +1,186 @@
+//! Resolve relative asset paths against the scenario file that names them.
+//!
+//! `"src": "assets/logo.png"` used to resolve against the *process* working
+//! directory, so the same scenario rendered from its own folder and failed from
+//! anywhere else — including the studio, which runs from the repository root.
+//! `include` had always resolved relative to the including file; two path-like
+//! fields in one document following two different rules is the trap.
+//!
+//! The rewrite happens on the raw JSON, before deserialisation, so no component
+//! needs to know about it: by the time an `image` or an `audio` track is
+//! constructed its `src` is already absolute.
+
+use std::path::Path;
+
+use serde_json::Value;
+
+/// Keys whose string value names a file on disk.
+///
+/// `src` covers `image`, `video`, `gif`, `avatar` (and each entry of an
+/// `avatar_group`), `mockup`, `lottie` and `audio`; `track` is the audio-source
+/// reference on `waveform`/`audio_spectrum` and in `style.audio-reactive`,
+/// which must name the same string the audio track does or the analysis lookup
+/// misses.
+const PATH_KEYS: &[&str] = &["src", "track"];
+
+fn is_remote(s: &str) -> bool {
+    s.starts_with("http://") || s.starts_with("https://") || s.starts_with("data:")
+}
+
+/// Rewrite every relative asset path in `value` to an absolute one, resolved
+/// against `base_dir`.
+///
+/// Deliberately conservative: a path is rewritten **only** when the file exists
+/// next to the scenario. Anything else is left exactly as written, so a path
+/// that used to resolve against the working directory still does, and a genuine
+/// typo still reaches the validator with the author's own spelling in the
+/// message rather than a rewritten one they never typed.
+pub fn rebase_relative_paths(value: &mut Value, base_dir: &Path) {
+    match value {
+        Value::Object(map) => {
+            for (key, child) in map.iter_mut() {
+                if PATH_KEYS.contains(&key.as_str()) {
+                    if let Value::String(s) = child {
+                        if let Some(abs) = rebased(s, base_dir) {
+                            *s = abs;
+                            continue;
+                        }
+                    }
+                }
+                rebase_relative_paths(child, base_dir);
+            }
+        }
+        Value::Array(items) => {
+            for item in items {
+                rebase_relative_paths(item, base_dir);
+            }
+        }
+        _ => {}
+    }
+}
+
+/// `Some(absolute)` when `src` is relative and names an existing file under
+/// `base_dir`; `None` when it must be left alone.
+fn rebased(src: &str, base_dir: &Path) -> Option<String> {
+    if src.is_empty() || is_remote(src) {
+        return None;
+    }
+    let path = Path::new(src);
+    if path.is_absolute() {
+        return None;
+    }
+    let candidate = base_dir.join(path);
+    if !candidate.is_file() {
+        return None;
+    }
+    // `canonicalize` resolves `..` and symlinks so two spellings of the same
+    // file share one cache key — the audio analysis and the GIF/image caches
+    // are keyed by this string.
+    let resolved = std::fs::canonicalize(&candidate).unwrap_or(candidate);
+    Some(resolved.to_str()?.to_string())
+}
+
+#[cfg(test)]
+mod tests {
+    use super::*;
+    use serde_json::json;
+
+    fn scratch() -> std::path::PathBuf {
+        let dir = std::env::temp_dir().join(format!(
+            "rustmotion_assets_{}_{:?}",
+            std::process::id(),
+            std::thread::current().id()
+        ));
+        std::fs::create_dir_all(dir.join("assets")).expect("scratch dir");
+        dir
+    }
+
+    #[test]
+    fn a_relative_src_next_to_the_scenario_becomes_absolute() {
+        let dir = scratch();
+        std::fs::write(dir.join("assets/logo.png"), b"x").expect("fixture");
+
+        let mut v =
+            json!({"scenes": [{"children": [{"type": "image", "src": "assets/logo.png"}]}]});
+        rebase_relative_paths(&mut v, &dir);
+
+        let got = v["scenes"][0]["children"][0]["src"].as_str().expect("src");
+        assert!(Path::new(got).is_absolute(), "not rewritten: {got}");
+        assert!(Path::new(got).is_file(), "rewritten to a non-file: {got}");
+        std::fs::remove_dir_all(&dir).ok();
+    }
+
+    /// The whole point: the rewrite must not depend on where the process runs.
+    #[test]
+    fn the_result_does_not_depend_on_the_working_directory() {
+        let dir = scratch();
+        std::fs::write(dir.join("assets/logo.png"), b"x").expect("fixture");
+
+        let mut a = json!({"src": "assets/logo.png"});
+        let mut b = json!({"src": "assets/logo.png"});
+        rebase_relative_paths(&mut a, &dir);
+        rebase_relative_paths(&mut b, &dir);
+        assert_eq!(a, b);
+        assert_ne!(a["src"], json!("assets/logo.png"));
+        std::fs::remove_dir_all(&dir).ok();
+    }
+
+    /// A path that does not exist beside the scenario keeps the author's own
+    /// spelling, so the validator's message names what they typed.
+    #[test]
+    fn a_missing_file_is_left_untouched() {
+        let dir = scratch();
+        let mut v = json!({"src": "assets/absent.png"});
+        rebase_relative_paths(&mut v, &dir);
+        assert_eq!(v["src"], json!("assets/absent.png"));
+        std::fs::remove_dir_all(&dir).ok();
+    }
+
+    #[test]
+    fn absolute_and_remote_sources_are_left_untouched() {
+        let dir = scratch();
+        let mut v = json!({
+            "a": {"src": "/etc/hosts"},
+            "b": {"src": "https://example.com/x.png"},
+            "c": {"src": "data:image/png;base64,AAAA"}
+        });
+        let before = v.clone();
+        rebase_relative_paths(&mut v, &dir);
+        assert_eq!(v, before);
+        std::fs::remove_dir_all(&dir).ok();
+    }
+
+    /// `track` must be rewritten the same way as `src`: the audio analysis is
+    /// cached under the track's `src`, and a `waveform` finds it by `track`.
+    /// Rewriting one and not the other would make every lookup miss.
+    #[test]
+    fn track_is_rebased_like_src_so_the_analysis_lookup_still_matches() {
+        let dir = scratch();
+        std::fs::write(dir.join("assets/t.wav"), b"x").expect("fixture");
+
+        let mut v = json!({
+            "audio": [{"src": "assets/t.wav"}],
+            "scenes": [{"children": [{"type": "waveform", "track": "assets/t.wav"}]}]
+        });
+        rebase_relative_paths(&mut v, &dir);
+
+        assert_eq!(
+            v["audio"][0]["src"], v["scenes"][0]["children"][0]["track"],
+            "src and track must resolve to the same string"
+        );
+        std::fs::remove_dir_all(&dir).ok();
+    }
+
+    /// Keys that merely *contain* a path-like string are not touched — only the
+    /// documented asset fields are.
+    #[test]
+    fn unrelated_keys_are_not_rewritten() {
+        let dir = scratch();
+        std::fs::write(dir.join("assets/logo.png"), b"x").expect("fixture");
+        let mut v = json!({"content": "assets/logo.png", "title": "assets/logo.png"});
+        let before = v.clone();
+        rebase_relative_paths(&mut v, &dir);
+        assert_eq!(v, before);
+        std::fs::remove_dir_all(&dir).ok();
+    }
+}
diff --git a/crates/rustmotion/src/include.rs b/crates/rustmotion/src/include.rs
index 378d3e4..32507cf 100644
--- a/crates/rustmotion/src/include.rs
+++ b/crates/rustmotion/src/include.rs
@@ -148,6 +148,15 @@ fn fetch_and_resolve(
         directive.config.as_ref(),
         &directive.include,
     )?;
+
+    // An included file's assets are relative to *that* file, not to the parent
+    // that pulled it in — otherwise moving an include would silently break
+    // every path inside it.
+    if let IncludeSource::File(ref p) = child_source {
+        if let Some(dir) = p.parent() {
+            crate::assets::rebase_relative_paths(&mut json_value, dir);
+        }
+    }
     // `components` (and any `for-each`/`use` inside this file's own scenes)
     // is scoped to this document: expanded here, per included file, using
     // ONLY this file's own `components` block — never the parent's, and
diff --git a/crates/rustmotion/src/lib.rs b/crates/rustmotion/src/lib.rs
index 395b89d..d7aba3c 100644
--- a/crates/rustmotion/src/lib.rs
+++ b/crates/rustmotion/src/lib.rs
@@ -18,6 +18,7 @@ pub mod engine {
 }
 
 // Local modules
+pub mod assets;
 pub mod encode;
 pub mod include;
 pub mod loader;
diff --git a/crates/rustmotion/src/loader.rs b/crates/rustmotion/src/loader.rs
index b7aa5c5..724187d 100644
--- a/crates/rustmotion/src/loader.rs
+++ b/crates/rustmotion/src/loader.rs
@@ -24,6 +24,13 @@ pub fn load_scenario_with_vars(
     let label = input.display().to_string();
     variables::apply_variables(&mut json_value, overrides, &label)?;
     expand::expand_directives(&mut json_value, &label)?;
+    // Asset paths are relative to the file that names them, like `include` —
+    // not to wherever the process happens to run.
+    if let Some(dir) = input.parent() {
+        {
+            crate::assets::rebase_relative_paths(&mut json_value, dir);
+        }
+    }
 
     let scenario: Scenario = serde_json::from_value(json_value).map_err(RustmotionError::from)?;
     include::resolve_includes(scenario, &include::IncludeSource::File(input.clone()))
@@ -100,6 +107,10 @@ pub fn load_scenario_from_html_with_vars(
     let label = input.display().to_string();
     variables::apply_variables(&mut value, overrides, &label)?;
     expand::expand_directives(&mut value, &label)?;
+    // Same rule as the JSON loader: assets are relative to the file naming them.
+    if let Some(dir) = input.parent() {
+        crate::assets::rebase_relative_paths(&mut value, dir);
+    }
     let scenario: Scenario = serde_json::from_value(value).map_err(RustmotionError::from)?;
     include::resolve_includes(scenario, &include::IncludeSource::File(input.clone()))
 }
diff --git a/crates/rustmotion/src/tests.rs b/crates/rustmotion/src/tests.rs
index ec80f89..f2a9c02 100644
--- a/crates/rustmotion/src/tests.rs
+++ b/crates/rustmotion/src/tests.rs
@@ -1984,6 +1984,47 @@ mod audio_tests {
         count
     }
 
+    /// The failure the whole rewrite exists for: a scenario naming an asset
+    /// beside itself must load identically whatever directory the process
+    /// runs from. Authoring from the scenario's folder worked; the studio,
+    /// which runs from the repository root, resolved nothing.
+    #[test]
+    fn a_relative_asset_resolves_against_the_scenario_not_the_cwd() {
+        let dir = std::env::temp_dir().join(format!("rustmotion_cwd_{}", nanos()));
+        std::fs::create_dir_all(dir.join("assets")).expect("scratch");
+        std::fs::write(
+            dir.join("assets/t.wav"),
+            make_sine_wav(4410, 4410, 440.0, 44100),
+        )
+        .expect("fixture");
+
+        let scenario_path = dir.join("scene.json");
+        std::fs::write(
+            &scenario_path,
+            serde_json::json!({
+                "video": {"width": 32, "height": 32, "fps": 30},
+                "audio": [{"src": "assets/t.wav"}],
+                "scenes": [{"duration": 0.1, "children": []}]
+            })
+            .to_string(),
+        )
+        .expect("write scenario");
+
+        let loaded = crate::loader::load_scenario_with_vars(&scenario_path, None)
+            .expect("scenario must load");
+        let src = &loaded.audio[0].src;
+
+        assert!(
+            std::path::Path::new(src).is_absolute(),
+            "the asset path must not stay relative to the process: {src}"
+        );
+        assert!(
+            std::path::Path::new(src).is_file(),
+            "and it must point at the file beside the scenario: {src}"
+        );
+        std::fs::remove_dir_all(&dir).ok();
+    }
+
     /// A track placed at `start` must be *read* from `start` too.
     ///
     /// The mux places the file at `track.start` on the scenario timeline and