Music industry workers are projected to lose close to a quarter of their income to AI by 2028, according to the “first ever” global study on the impact of artificial intelligence (AI) on the music and audiovisual sector.
Impact of AI on Music Industry
Revenues of those working in the industry are expected to plummet due to AI over the next four years, with income for music creators predicted to decrease by 24%. Those in the audiovisual sector will also see an income shrink of 21% to artificial intelligence. Additionally, revenues of generative AI services in both music and audiovisuals are projected to grow from £3 billion to £64 billion by 2028.
Concerns Among Artists
A study revealed that 82% of artists are “concerned” about the use of AI in music. This amounts to a total loss of €22 billion – €10 billion in music and €12 billion in A/V – while the market for generative AI is expected to grow exponentially.
Research Findings
Research on the impact of AI on the music sector was led by the International Confederation of Societies of Authors and Composers (CISAC), representing over 5 million music and audiovisual creators worldwide. The study aimed to estimate the economic impact of generative AI on creators of music and audiovisual productions on a global level, combining both qualitative and quantitative research.
Creators’ Perspectives
CISAC President Björn Ulvaeus acknowledges the power of AI to unlock new opportunities for creators but also highlights the potential damage if not properly regulated. He emphasizes the importance of protecting human creators’ careers and livelihoods in the face of advancing AI technology.
Read the full study here.
Conclusion
The impact of AI on the music and audiovisual sector is significant, with projections indicating a decrease in income for industry workers. As technology continues to advance, it is crucial to find a balance between leveraging AI for innovation while safeguarding the interests of human creators.
FAQs
Q: What is the projected income loss for music industry workers due to AI by 2028?
A: Music industry workers are predicted to lose close to a quarter of their income to AI by 2028.
Q: How many creators are represented by the International Confederation of Societies of Authors and Composers (CISAC)?
A: CISAC represents over 5 million music and audiovisual creators around the world.
Credit: mixmag.net
