Title Image: www.mixmag.net

Music industry workers are projected to lose close to a quarter of their income to AI by 2028, per the “first ever” global study on the impact of artificial intelligence (AI) on the music and audiovisual sector.

According to the study, revenues of those working in the industry will plummet due to AI over the next four years, with income for music creators predicted to decrease by 24%.

It also found that those working in the audiovisual sector will see an income shrink of 21% to artificial intelligence, while revenues of generative AI services in both music and audiovisuals are projected to grow from £3 billion to £64 billion by 2028.

show that this amounts to a loss of €22 billion total – €10 billion in music and €12 billion in A/V – while the market for generative AI will grow “exponentially”.

Research around the impact of AI on the music sector was led by the International Confederation of Societies of Authors and Composers (CISAC), and represents over 5 million music and audiovisual creators around the world.

The study, which aims to “estimate the economic impact of generative AI on creators of music and audiovisual productions on a global level”, combines both “qualitative and quantitative” research.

"For creators of all kinds, from songwriters to film directors, screenwriters to film composers, AI has the power to unlock new and exciting opportunities,” says CISAC President Björn Ulvaeus.

“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.

Article Originally Found At: www.mixmag.net