According to a global economic study by the International Confederation of Societies of Authors and Composers (CISAC), professionals in the music industry are expected to face nearly a quarter of income loss over the next four years. This study is the first to explore the impact of artificial intelligence (AI) technology on human creativity, revealing that as the generative AI market rapidly expands, audio and audiovisual industry professionals will also experience more than a 20% reduction in income.
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The report was released on Wednesday in Paris, highlighting that while the rapid development of AI will greatly enrich large tech companies, the rights and income of creators will be severely threatened unless policymakers take action. Björn Ulvaeus, the president of CISAC and a former member of the ABBA band, specifically mentioned that Australia and New Zealand are leading the world in developing policies to protect creator rights.
Ulvaeus stated: “In Australia, the report from the newly established Senate AI Select Committee is encouraging.” He emphasized that Australia and New Zealand should ensure that AI serves as a tool to enhance human creativity rather than replace it by establishing gold standard policies for creator rights protection.
Recently, the final report from the Australian Senate on the future impact of AI proposed 13 recommendations, including the need for independent AI legislation and better protection for creators. Dean Ormston, CEO of the Australian music copyright management organization APRA AMCOS, stated that this global report acknowledges the tremendous opportunities presented by AI, while also revealing the urgent need for governments to take action to protect the rights and income of creators.
The report predicts that by 2028, generative AI music will account for 20% of revenue from traditional music streaming platforms, and 60% of music library revenue will also come from AI-generated content. Meanwhile, AI developers and providers are expected to gain around €4 billion in revenue from this process, reflecting the economic value of creators shifting towards AI companies.
Ulvaeus pointed out: “Without reasonable regulation, generative AI will severely damage the careers and livelihoods of human creators.” He urged policymakers to create reasonable regulations in the upcoming legislative review to protect creators' rights and foster an AI environment conducive to human creativity and culture.
Key Points:
💰 Music industry professionals will face nearly a 25% income loss over the next four years, while audiovisual industry professionals will experience over a 20% loss.
📜 Australia and New Zealand are at the forefront of developing policies to protect creator rights and have proposed several policy recommendations.
🤖 Generative AI will significantly change the music industry, expected to occupy a significant portion of revenue from traditional music streaming and music libraries by 2028.