A recent study by the International Confederation of Societies of Authors and Composers (CISAC) has raised significant concerns regarding the impact of artificial intelligence on the music industry, forecasting a potential income loss of 24 per cent for recording artists by the year 2028. The findings, which were disseminated on Wednesday, indicate that alongside the struggles for artists, technology companies are likely to see enhanced profits from the integration of AI.
The report highlights that generative AI is expected to capture a considerable share of revenues generated by traditional music platforms, anticipating that it will represent around 20 per cent of these earnings. Even more striking is the projection that AI could account for as much as 60 per cent of the revenues associated with music libraries by the same timeline.
The analysis presents a stark warning as AI technology continues to penetrate various sectors of the entertainment industry. According to the study, many corporations are increasingly attracted to the cost-saving benefits of AI automation, which may place creative workers at risk of redundancy or reduced opportunities in their respective fields.
Amid this evolving landscape, labour unions such as SAG-AFTRA and the Writers Guild of America have been actively advocating for protections for their members against the rising tide of AI encroachment in their professions. Consequently, these guilds have sought assurances from studios that their jobs will not be threatened by the advent of AI technology.
Concerns about AI were particularly pronounced during the actors' strike of the previous year, which coincided with a writers' strike that collectively brought a substantial portion of Hollywood to a standstill for several months. This extended halt resulted in significant financial repercussions for studios.
In the aftermath of these strikes, SAG-AFTRA claimed that it achieved important victories in safeguarding its members from AI’s increasing influence. However, there remain uncertainties surrounding the effectiveness of these protections, with some critics expressing concerns that provisions could allow studios to exploit various loopholes.
Similarly, the Writers Guild of America has reported its own successes, which include stipulations requiring studios to disclose the use of AI-generated material provided to writers. The guild has ensured that writers cannot be forced to employ AI in their work, nor can AI be credited for contributions in TV shows or movies.
Nonetheless, ambiguities linger. Some writers are reportedly utilising tools such as ChatGPT in their creative processes, illustrating the complexity of navigating the integration of AI in creative fields. This trend underscores the likelihood that studios may continue to search for legal avenues to leverage the technology without clear guidelines.
The discussion around AI's impact on the creative industries continues to evolve as stakeholders, including artists and their unions, grapple with the emerging challenges and opportunities presented by advancements in artificial intelligence technologies.
Source: Noah Wire Services