In a startling revelation, a new global study by the International Confederation of Societies of Authors and Composers (CISAC) predicts that music industry workers could lose nearly a quarter of their income to artificial intelligence (AI) by 2028. This significant financial threat arises from the rapid growth of generative AI, which is expected to reshape the landscape of music creation and consumption.
Key Takeaways
Projected Income Loss: Music creators could see a 24% reduction in income, amounting to a potential loss of €10 billion by 2028.
Generative AI Market Growth: The market for AI-generated music is anticipated to soar from €3 billion to €64 billion within the same timeframe.
Impact on Streaming: AI-generated music may account for 20% of revenue on traditional streaming platforms and 60% of music library revenues by 2028.
Call for Regulation: Industry leaders urge policymakers to implement regulations to protect creators' rights and ensure fair compensation.
The Rise Of Generative AI
The study highlights the exponential growth of generative AI, which is set to disrupt traditional revenue streams for music creators. As AI technology advances, it is predicted that the market for non-human authored music will balloon to an annual value of €16 billion by 2028. This shift is likely to be most evident on streaming platforms, where automated playlists may favour AI tracks over human-made music.
Financial Implications For Creators
The financial implications for music creators are dire. The report estimates that by 2028, the income of music creators could decrease by 24%, while those in the audiovisual sector may experience a 21% drop. This translates to a staggering total loss of €22 billion across both sectors, with €10 billion attributed to music alone.
The Role Of Tech Companies
As human creators face significant income losses, tech companies are expected to reap the benefits. The same €4 billion that music creators stand to lose is projected to flow into the coffers of tech firms developing generative AI music. This economic shift raises concerns about the ethical implications of using copyrighted works without proper consent, as many AI models are trained on existing music without the creators' approval.
Urgent Need For Regulation
CISAC President Björn Ulvaeus emphasises the urgent need for regulatory measures to protect creators. He warns that without proper oversight, the unchecked development of AI could lead to severe damage to human creators' careers and livelihoods. The report calls for policymakers to amend laws to safeguard the creative industries and ensure that creators are fairly compensated for their work.
Global Responses And Initiatives
Countries like Australia and New Zealand are highlighted as examples of proactive policymaking. Their governments are working on AI policies that aim to protect creators while fostering innovation. The recent Senate select committee report in Australia has been praised for its recommendations to establish stronger protections for creative workers.
Conclusion
The findings of this study serve as a wake-up call for the music industry and policymakers alike. As generative AI continues to evolve, it is crucial to strike a balance between technological advancement and the protection of human creativity. The future of the music industry depends on the actions taken today to ensure that creators are not left behind in the wake of AI's rapid growth.
Sources
A quarter of musician revenue to be lost to AI by 2028, new study finds, MSN.
A quarter of musician revenue to be lost to AI by 2028, new study finds | Euronews, Euronews.com.
New Study Predicts Music Creators' Revenue To Drop 24% By 2028 Due To Generative AI, The Music.
Music industry workers to lose a quarter of income to AI by 2028, study finds - News - Mixmag, Mixmag.
AI to slash music industry income by 25% by 2028, NewsBytes.
Music Content Creators Set To Lose Quarter Of Income Thanks To Generative AI, Forbes.
