A recent study has drawn attention to the potential revenue losses facing music industry workers due to the rapid rise of AI technology, predicting that creators could see a decline of up to 24% in their income by 2028. Published by the International Confederation of Societies of Authors and Composers (CISAC) earlier this month, the report projects that without strong regulatory measures, artists may struggle to compete with AI-generated music, which is gaining popularity among audiences.
The publication highlights that the market for generative AI is growing significantly, with estimates suggesting an expansion from its current size of $3.1 billion to a staggering $67 billion within the next five years. The study underscores the impact on music and audiovisual creators, indicating that they are particularly vulnerable, with potential revenue losses of 24% and 21%, respectively, as a result of what is referred to as “a cumulative loss” amounting to approximately $23 billion by 2028.
CISAC president and former ABBA member, Björn Ulvaeus, addressed the concerning implications of these findings. Speaking to the publication, Ulvaeus articulated a stark choice facing the industry: “For creators of all kinds, from songwriters to film directors, screenwriters to film composers, AI has the power to unlock new and exciting opportunities — 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.”
Ulvaeus further posited that the future outcomes for creators hinge on regulatory decisions being made globally. “Which of these two scenarios will be the outcome?” he questioned, emphasising that the situation depends largely on the responses from policymakers during the ongoing legislative reviews. He stressed that “it’s critical that we get these regulations right, protect creators’ rights and help develop an AI environment that safeguards human creativity and culture.”
In light of these challenges, legislative developments in countries like Australia and New Zealand offer a glimmer of hope. Ulvaeus noted that recent initiatives, such as a new senate select committee on AI report in Australia, could establish a robust framework to protect creators. “By setting a gold standard in AI policy… Australia and New Zealand can ensure that AI serves as a tool to enhance human creativity rather than replace it,” he remarked. “The world is watching, and the decisions made will resonate far beyond these shores.”
In the United States, there are also efforts underway to safeguard artists’ interests against the encroachment of AI technologies. Initiatives like Tennessee’s ELVIS Act and the proposed NO FAKES Act aim to provide stronger protections, drawing support from numerous industry bodies including the RIAA, MPAA, SAG-AFTRA, and the Recording Academy. However, comprehensive protections that cater to all musicians are still pending.
The developments highlighted in the CISAC report raise critical questions about the intersection of creativity and technology, particularly as the music industry grapples with the rapid expansion of AI and its implications for revenue streams and artistic integrity. As discussions around regulation continue, the future landscape of the music industry may be significantly intertwined with the choices made by policymakers.
Source: Noah Wire Services