Generative AI Music Market Will Be Worth $3B by 2028, Says Sacem and Gema Report
- Michele
- 19 February 2024, Monday
SACEM and GEMA have published a report on the future of generative AI in music. The study conducted by Goldmedia predicts that the generative AI music market will be worth $3B by 2028. Additionally, it offers insight into the concerns of artists from Germany and France, who are worried that AI will negatively impact their careers.
Generative AI in music
Ever since ChatGPT reached the broader public, discussions, and news updates on artificial intelligence have become somewhat unavoidable. The current and future impact of AI is especially relevant to those working in the creative industries, as many tools have the potential to, at some point, replace their valuable skills. Artists across different mediums continue to speak up to raise awareness for why art created by humans is irreplaceable. They also make it clear that it would be a shame to see people lose their (future) careers to technology.
But as the tech industry continues to invent new AI tools and improve already existing ones, it also shows that it seemingly chooses not to listen to people’s concerns. One reason for this lies in the numbers: at this moment, the global market for generative AI already has a volume of $4B, with 8% belonging to the music industry. Thus, whether creatives like it or not, AI is here to stay.
New study on AI and the concerns of artists
Studies on the future of AI in music, too, confirm its relevance. A new report by Sacem and GEMA predicts that the global market for generative AI in music will be worth more than $3B by 2028. According to the publication, 27% of authors’ and creators’ revenue is at risk in the medium term, which would equal a revenue loss of $2.9B for Sacem and GEMA members by 2028. Additionally, about EUR 950m in copyright royalties will be at risk in Germany and France if creatives do not get to participate in AI revenues.
Artists do not feel optimistic about these results: 71% of creators from the two countries believe that AI represents a threat to their future and income, while 64% of respondents consider the opportunities disproportional to the potential risks. Thus, most creators argue for more transparency and protection in relation to copyright, and 93% say that policymakers should pay closer attention to the potential impacts and repercussions. However, although most participants are deeply concerned, 35% choose to dabble in AI, while 13% consider themselves potential AI users. 26% say they would rather not, and 19% completely refuse to work with AI tools.
AI was also a topic during the EU parliament’s most recent discussion and vote in favor of music streaming royalty changes. Members have suggested the introduction of a new label to inform the public when a song has been generated by AI. Moreover, they have urged tackling ‘deep fakes’ that use the identities and voices of artists without their consent. Considering the unpredictable character of AI-related innovation, it is challenging to predict how much control and security artists will have in the future.
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