A new report predicts that artificial intelligence will play a huge role in music in the coming years. Research firm Goldmedia estimates the global market for AI-generated music will explode to over $3 billion by 2028. This represents a massive 10-fold increase from just $300 million today.
While the economic potential is vast, many creatives in the industry have concerns about what this means for their livelihoods. The study found that without proper compensation for artists, up to 27% of music industry revenues could be lost by 2028 solely due to AI. This amounts to over $1 billion drained from the French and German markets alone on a cumulative basis.
As the use of AI in music becomes more pervasive, many worry about unfair competition. The report warns that in genres most shaped by AI, human creatives may find it impossible to make sustainable careers. Electronic music leads the way in AI adoption currently, with over half of its artists already utilizing some form of the technology.
Members from two major music organizations that commissioned the research, Germany’s GEMA and France’s SACEM, want to ensure creators can participate in AI’s rewards. Over 90% of survey respondents believe artists deserve payment when their works help train algorithms. Ensuring transparency in AI systems and requiring permission to use copyrighted content for development were also top priorities.
AI will drastically change how music is both made and monetized in the coming decade. But with open dialogue between all parties and fair compensation structures, its innovators believe the technology can lift both technology and talent. The key will be balancing innovation with respect for creators’ rights, guiding AI’s immense potential toward benefitting all involved in the musical arts.
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