(HYPEBOT) – The first global study of the economic impact of AI on the music paints a bleak picture. Generative AI will enrich tech companies while music AI revenue loss will top 24% in 5 years.
The study was commissioned by CISAC (International Confederation of Societies of Authors and Composers), which represents over 5 million creators.
Music AI Revenue Loss – Key Takeaways
- Music AI revenue loss for creators by 2028
- 24% in music
- 21% in audiovisual
- The market for Gen AI music and audiovisual content will rise from $3.17 billion now to $67.6 billion in 2028
- Revenues of Gen AI services in music and audiovisual projected at $9.5 billion in 2028, up from $0.35 billion now
The study concludes: “In an unchanged regulatory framework, creators will actually suffer losses on two fronts: the loss of revenues due to the unauthorized use of their works by Gen AI models without remuneration; and replacement of their traditional revenue streams due to the substitution effect of AI-generated outputs, competing against human-made works”.
Read the full study here.
CISAC – the International Confederation of Societies of Authors and Composers – is the world’s leading network of authors’ societies. CISAC represents the interests of creators worldwide. With 227 member societies in 116 countries, CISAC represents over four million creators of music, audio-visual, drama, literature, and visual arts.
Bruce Houghton is the Founder and Editor of Hypebot, a Senior Advisor at Bandsintown, President of the Skyline Artists Agency, and a Berklee College Of Music professor.
