A NEW report from Apra Amcos highlights a significant concern for music creators in Australia and New Zealand: the loss of revenue that could accrue from generative AI. Based on the survey conducted with 4274 member songwriters, composers, and publishers, by 2028, 23 percent of music creators’ income will be threatened by AI.
This predicted revenue decline could be a loss of approximately $152.97 million in the year 2028 alone. The total revenue that is expected to be generated between the years 2024 to 2028 is $349.82 million.
Growing adoption of AI among music professionals
Nevertheless, more than half of the music industry specialists have started using AI in their work and are willing to take financial risks. According to the report, 38 percent of the respondents have integrated AI in their work in one way or another, with five percent using it routinely.
Not all creators are interested in using this technology. While 27 percent of those surveyed have opted to completely exclude AI tools from their work, another 20 percent have decided to refrain from their use for the time being.
However, there is a difference in the application of AI in music production among music professionals. While only 14 percent of them revealed that they are using AI directly in their creativity, most of the respondents are using it in other ways. For instance, AI is being incorporated into the mixing and mastering of songs, social media platforms, and artwork development, which has aided in increased usage.
Music creators express concerns about AI’s threat to livelihoods
Music creators still have some concerns regarding the application of AI in music composition. This is a concern as 14 percent of the people who utilize AI for creative purposes are songwriters, and 56 percent of these utilize AI.
Of the respondents, 82 percent stated AI in the music industry posed a threat to their employment. Only eight percent had a positive attitude towards the use of AI. Just recently, a song that was made by using artificial intelligence was included in the top 50 most streamed songs in Germany.
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This article was originally published on Cryptopolitan.com.