Music AI could be worth $3 billion in 4 years!
As music AI gets better every day, becoming used by more and more artists, its value could x10 by 2028, a new study finds.
The future involves Artificial Intelligence, in one way or another. Machine-powered intelligence is becoming ever-more advanced and despite concerns over certain parts of AI, we are seeing new tools made to empower creators launch constantly.
A recent study even found that the majority of young creators, aged 16-24, are using AI in some step of their creative process. These tools range from the obvious, such as lyric and melody generation, to the much more subtle, including tools that help automatically mix the levels in songs.
A new study from collective management organisations (CMOs) in Europe found that the global market for generative AI in music is set to surpass $3 billion US dollars by 2028. That’s a tenfold increase on the $300 million that generative AI music tools are currently worth. Generative AI tools are ones that specifically create and produce content, like melodies, vocals, and artwork.
However, the news comes with a warning. The study predicts a 27% shortfall in music creators’ revenues by 2028 unless something is done to remunerate the human involvement in AI-produced works. The study reads that: “Traditional revenue streams are under severe pressure from generative AI for many music creators.
“An increasingly predatory competition is to be expected for creators, especially in areas where AI is particularly likely to replace existing human-made music.”
CMO Sacem’s CEO Cécile Rap-Veber said: “Artificial intelligence is already present in the daily lives of creators, and in Sacem’s activities.” She’s not wrong. Surveys taken for the study found that 35% of creators responding had used AI in some way for their music. The number is over half, at 51%, for those under the age of 35.
Rap-Veber believes that AI is good for the industry, it just needs to be treated correctly. She reveals: “We are actively working with industry players to put in place technical solutions to identify AI-generated content. So it’s not a question of slowing down your activity, but of making it virtuous.
“The figures in the study show that the estimated damage could be considerable for creators. As part of the finalization of the European regulation on AI, we call on the French and German governments not to oppose the implementation of effective transparency requirements for generative AI companies.”
The study found that 71% “of music authors and creators in France and Germany” were worried that AI could impact their ability to make a living from their work. The EU have recently pushed forward a landmark bill to tackle AI, whilst the US has taken its second AI bill to congress and the UK are likewise making progress towards protections for creators.