AI's Impact on Music Creators' Income

A recent report by the International Confederation of Societies of Authors and Composers (CISAC) predicts that generative AI could lead to a significant income loss for creators in the music and audiovisual sectors, with music creators potentially losing 24% of their revenue by 2028. The cumulative loss for music and audiovisual creators could reach €22 billion ($23.1 billion) over five years, driven by the unauthorized use of their works and the competition from AI-generated outputs. The generative AI market is expected to grow from €3 billion annually to €64 billion by 2028, benefiting large tech companies while jeopardizing creators' rights. CISAC president Björn Ulvaeus highlighted the proactive measures taken by Australia and New Zealand in establishing policies to protect creators, calling them a potential global standard. The study underscores the urgent need for policymakers to address the economic disparity caused by AI, which threatens the livelihoods of artists and creators. Without intervention, the music and audiovisual sectors may face severe financial repercussions as AI continues to evolve.