Music workers face 25% income loss due to AI advancements by 2028

A global report released by the International Confederation of Societies of Authors and Composers (CISAC) warns that the rise of artificial intelligence (AI) could have dire consequences for the music and audiovisual industries, with predictions that workers may see their incomes drop by nearly 25% by 2028. This forecast arises in the context of generative AI developments that are expected to increase from approximately $3.16 billion in 2023 to roughly $6.38 billion within five years, further intensifying competition between human creators and AI-generated content. The report emphasizes the risk that unchecked AI growth presents to the traditional revenue streams of creators, which could bring about a significant erosion of artists' earnings. The introduction of AI-generated music could correspondingly lead to AI music accounting for up to 20% of revenue on established streaming platforms and potentially dominate 60% of music library sales by 2028. Moreover, it is anticipated that developers leveraging AI technologies within these industries may capitalize on creators’ works without proper licensing, further jeopardizing financial stability for actual artists and musicians. In response to these alarming projections, CISAC calls for urgent regulatory measures to protect against the threat posed by AI to creative industries. While the report discusses global implications, it highlights Australia and New Zealand as shining examples of proactive policymaking in addressing these concerns. Björn Ulvaeus, CISAC president and former ABBA band member, has lauded the steps taken by these countries to create standards for AI regulation that can safeguard the rights and incomes of creators while fostering innovation. Notably, Australia's Senate recently recommended standalone legislation aimed at increasing protections for creators within the creative sector, indicating a commitment to responsible development of AI technologies. Furthermore, over 200 prominent musicians, including notable figures like Billie Eilish and Katy Perry, have united to advocate against the indiscriminate use of their creative works for data mining and AI training, urging industry stakeholders to respect creators' revenue rights. The concerted effort addresses growing concerns that AI could lead to a decrease in job security and earnings for artists, amid fears that the rising tide of generative AI will not only disrupt traditional paradigms but also create a landscape where unlicensed usage of music proliferates. Ultimately, without stringent regulations in place to guide the integration of AI technologies into the creative domains, many creators face the looming prospect of diminished career opportunities and income. While the evolvement of AI presents new possibilities for enhancing creativity, its potential ramifications suggest a dual-edged sword that, if mismanaged, could severely endanger the livelihoods of artists across the globe, as highlighted by Ulvaeus's statement about the inherent dangers of badly regulated AI in creative spaces.