The post Music creators face potential revenue loss from AI revenue by 2028 appeared on BitcoinEthereumNews.com.

A new report from APRA AMCOS highlights a significant concern for music creators in Australia and New Zealand: the loss of revenue that could accrue from generative AI. Based on the survey conducted with 4274 member songwriters, composers, and publishers, by 2028, 23% of music creators’ income will be threatened by AI.  This predicted revenue decline could be a loss of approximately $152.97 million in the year 2028 alone. The total revenue that is expected to be generated between the years 2024 to 2028 is $349.82 million.  Growing adoption of AI among music professionals  Nevertheless, more than half of the music industry specialists have started using AI in their work and are willing to take financial risks. According to the report, 38% of the respondents have integrated AI in their work in one way or another, with 5% using it routinely. Not all creators are interested in using this technology. While 27% of those surveyed have opted to completely exclude AI tools from their work, another 20% have decided to refrain from their use for the time being.  However, there is a difference in the application of AI in music production among music professionals. While only 14% of them revealed that they are using AI directly in their creativity, most of the respondents are using it in other ways. For instance, AI is being incorporated into the mixing and mastering of songs, social media platforms, and artwork development, which has aided in increased usage.  Music creators express concerns about AI’s threat to livelihoods Music creators still have some concerns regarding the application of AI in music composition. This is a concern as 14% of the people who utilize AI for creative purposes are songwriters, and 56% of these utilize AI.  Of the respondents, 82% stated AI in the music industry…

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Filed under: News - @ August 20, 2024 11:24 pm