A new study has found that music industry workers could lose a quarter of their income to AI in the next five years.
The use of generative AI services is already becoming apparent across the industry, and could impact on everything from mixing and recording, through to news items like this one and the press releases serviced to media.
In a new comprehensive study, it has been suggested that music industry workers stand to lose around a quarter of their income. The study looks at advances anticipated from the next five years, and has found that income for music creators is predicted to decrease by 24%.
Revenues of generative AI services in both music and audiovisuals are projected to grow from £3 billion to £64 billion by 2028; this amounts to a total loss of €22 billion total – €10 billion in music and €12 billion in A/V – while the market for generative AI is expected to grow “exponentially”.
Research was spearheaded by the International Confederation of Societies of Authors and Composers (CISAC), and the study aims to “estimate the economic impact of generative AI on creators of music and audiovisual productions on a global level”.
“For creators of all kinds, from songwriters to film directors, screenwriters to film composers, AI has the power to unlock new and exciting opportunities,” CISAC President Björn Ulvaeus comments. “But we have to accept that, if badly regulated, generative AI also has the power to cause great damage to human creators, to their careers and livelihoods.”
Read the full study here.
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