Artificial intelligence could reduce music and audiovisual revenues by more than 20% by 2028
Generative Artificial Intelligence (AI) is emerging as a transformative force across various industries, and the music sector is no exception. A recent report by the International Confederation of Societies of Authors and Composers (CISAC) warns about the potential negative impact of AI on the earnings of music and audiovisual creators. According to the study, by 2028, generative AI could reduce global revenues in these sectors by more than 20%.
Projected Economic Impact
The CISAC report, developed in collaboration with consultancy firm PMP Strategy, estimates that music creators could face a 24% decline in their revenues by 2028, amounting to a cumulative loss of €10 billion over five years. In the audiovisual domain, the anticipated reduction is 21%, equating to €12 billion in the same timeframe. These figures suggest a significant transfer of economic value from creators to tech companies developing generative AI models.
Exponential Growth of Generative AI
The market for generative AI is experiencing accelerated growth. Projections indicate that revenues for AI providers in the music sector could reach €4 billion by 2028, a substantial increase from €100 million in 2023. In the audiovisual sector, revenues are expected to climb to €5 billion by 2028, up from €200 million in 2023. This trend reflects a significant expansion in the adoption and application of generative AI technologies in content creation.
Risks to Creators
The ability of AI to autonomously generate music and audiovisual content presents considerable challenges for human creators. By 2028, AI-generated music could account for approximately 20% of streaming platforms' revenues and about 60% of music library revenues. This shift suggests that a significant portion of consumed content may originate from AI systems, diminishing the demand for human-created works and, consequently, their earnings.
Artistic Community's Response
The artistic community has expressed significant concern regarding these developments. Over 1,000 musicians, including prominent figures like Damon Albarn, Annie Lennox, and Kate Bush, have released a silent album titled "Is This What We Want?" This project protests governmental proposals that would allow AI companies to use copyrighted works without authors' consent. The album comprises 12 silent tracks, symbolizing a future where human creativity is overshadowed by automated content production.
Call for Regulation and Protection
In light of this situation, experts and artists are advocating for regulations to protect creators' rights. Björn Ulvaeus, co-founder of ABBA and president of CISAC, emphasizes the urgency of establishing policies that ensure fair compensation for artists whose work is utilized in training AI models. Without appropriate regulation, there is a risk that tech companies will disproportionately benefit from artists' creative efforts without providing equitable remuneration.
The integration of generative AI into the music and audiovisual industries presents both opportunities and challenges. While technology can drive innovation and efficiency, it is crucial to balance these advancements with the protection of human creators' rights and incomes. Implementing appropriate regulatory frameworks will be essential to ensure that human creativity continues to be valued and rewarded in the age of artificial intelligence.
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