Music Sector Workers Will Lose Nearly a Quarter of Their Income to AI in 4 Years, Study Suggests

The Guardian reports:
People working in the music sector will lose almost a quarter of their income to artificial intelligence within the next four years, according to the first global economic study examining the impact of the emerging technology on human creativity. Those working in the audiovisual sector will also see their income shrink by more than 20% as the market for generative AI grows from €3bn (A$4.9bn) annually to a predicted €64bn by 2028.

The findings were released in Paris on Wednesday by the International Confederation of Societies of Authors and Composers (CISAC), representing more than 5 million creators worldwide. The report concluded that while the AI boom will substantially enrich giant tech companies, creators' rights and income streams will be drastically reduced unless policymakers step in...

The study concluded that under current regulatory frameworks in most countries, creators stand to lose on two fronts. Unauthorised use of their works by generative AI models will eat into remuneration earned through copyright, while at the same time work opportunities will shrink as AI-generated outputs become more competitive against human-made works. The report predicted that by 2028, exponential growth in generative AI music would account for about 20% of traditional music streaming platforms' revenues, and about 60% of music libraries' revenues.
The report warned of revenue 'derived directly from the unlicensed reproduction of creators' works, representing a transfer of economic value from creators to AI companies,' according to the article.

On a hopeful note, it adds that the CISAC's president also applauded Australia and New Zealand for their thoughtful response to the issue. 'By setting a gold standard in AI policy, one that protects creators' rights while fostering responsible and innovative technological development, Australia and New Zealand can ensure that AI serves as a tool to enhance human creativity rather than replace it.'

Thanks to Slashdodt reader Bruce66423 for sharing the news.

Read more of this story at Slashdot.