Artificial intelligence technology is poised to wreak havoc on the music industry, with a new study showing that recording artists can expect to lose nearly a quarter of their income within the next four years due to AI.
The study, released Wednesday by the International Confederation of Societies of Authors and Composers (CISAC), found that the AI revolution will make technology companies even richer while artists will see their revenue streams take a hit unless government regulators step in.
Music creators are at risk of losing 24 percent of their income by 2028, the group said.
In the music sector, generative AI music is projected to account for approximately 20 percent of traditional music streaming platforms’ revenues, and around 60 percent of music libraries’ revenues, by 2028.
The troubling findings come as AI companies seek to upend the broader entertainment industry by appealing to penny-pinching corporate executives to adopt the technology as a cost-saving measure. As a result, many creative workers and artisans could find themselves on the chopping block or see their opportunities dwindle as AI replaces many of their functions.
Labor unions like SAG-AFTRA and the Writers Guild of America have sought guarantees from studios that their jobs will be protected from the encroachment of AI.
While the Hollywood guilds have touted progress on the topic, many in the entertainment industry fear studios will still find a way to cut costs with AI and put thousands of jobs in peril.
AI was a major point of contention during last year’s actors strike, which, along with the concurrent writers strike, brought most of Hollywood to a historic halt for several months, with numerous TV and movie productions being forced to suspend activity at enormous cost to the studios.
But again, ambiguities abound. AI applications like ChatGPT are already being used by some writers as a tool in their creative process. And studios are expected to search for legal loopholes that will enable them to capitalize on the technology.
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