The rise of generative AI is reshaping the landscape of creative industries, particularly music and audiovisual sectors. A recent global study by the International Confederation of Societies of Authors and Composers (CISAC) reveals alarming projections for creators, indicating a potential loss of billions in income due to the rapid adoption of AI technologies.
Key Takeaways
Music creators could lose up to 24% of their income by 2028.
The market for generative AI music is expected to grow from €3 billion to €64 billion by 2028.
AI-generated content may account for 20% of traditional music streaming revenues and 60% of music library revenues.
The Economic Impact of Generative AI
According to the CISAC study, the music and audiovisual sectors are facing a significant economic shift. The report estimates that creators could collectively lose €22 billion ($23 billion) over the next five years, with music creators alone facing a revenue decline of 24%. This shift is largely attributed to the unlicensed use of their works by generative AI companies, which are projected to reap substantial profits from AI-generated content.
The study highlights the following key points:
Projected Revenue Losses: Music creators are expected to lose €10 billion, while audiovisual creators may see a loss of €12 billion by 2028.
Market Growth for AI: The generative AI market for music and audiovisual content is anticipated to grow exponentially, reaching €64 billion by 2028.
The Call for Legislative Action
In light of these findings, industry leaders are urging policymakers to take immediate action to protect creators' rights. The Ivors Academy has emphasized the need for regulations that ensure transparency, fair remuneration, and the right for creators to control the use of their works.
Key recommendations include:
Transparency: Creators should be informed about how their works are being utilized by AI technologies.
Fair Remuneration: AI companies must compensate creators for the use of their intellectual property.
Consent and Control: Creators should have the authority to approve or deny the use of their works in AI models.
The Future of Creativity in the Age of AI
While generative AI presents exciting opportunities for innovation, it also poses a significant threat to the livelihoods of human creators. The rapid advancement of AI technologies could lead to a scenario where creators are sidelined, receiving little to no compensation for their contributions.
Industry experts, including CISAC President Björn Ulvaeus, stress the importance of getting regulations right to ensure that AI serves as a tool to enhance human creativity rather than replace it. The ongoing discussions among policymakers will be crucial in determining the future landscape of creative industries.
As the debate continues, it is clear that the creative sector must adapt to the challenges posed by generative AI while advocating for the rights and protections of its creators. The outcome of these discussions will shape the future of creativity and cultural expression in an increasingly AI-driven world.
Sources
Music Content Creators Set To Lose Quarter Of Income Thanks To Generative AI, Forbes.
Generative AI Threatens Songwriters and Media Composers: The Ivors Academy Calls for Action, The Ivors Academy.
CISAC: Generative AI could hit music creators to the tune of €10 billion over rest of the decade | Publishing | Music Week, MusicWeek.com.