Artificial intelligence technology is poised to wreak havoc on the music industry, with new research predicting that recording artists can expect to lose nearly a quarter of their income over the next four years to AI.
the study, released The International Confederation of Authors and Composers (CISAC) released a study on Wednesday that says unless government regulators intervene, the AI revolution will make tech companies even richer while artists will suffer a hit to their income streams.
According to the organization, music creators risk losing 24% of their income by 2028.
In the music space, it is predicted that by 2028, generated AI music will account for approximately 20 percent of the revenue of traditional music streaming platforms and approximately 60 percent of the revenue of music libraries.
The alarming findings come as AI companies threaten to upend the broader entertainment industry by pleading with penniless executives to adopt the technology as a cost-cutting measure. As a result, many creative workers and artisans may find themselves on the chopping block or face diminished opportunities as many functions are replaced by AI.
Unions like SAG-AFTRA and the Writers Guild of America are demanding assurances from studios that their jobs will be protected from AI intrusion.
While Hollywood guilds are touting progress on the subject, many in the entertainment industry still haven't figured out how studios can leverage AI to reduce costs, putting thousands of jobs at risk. I am concerned that this may be the case.
AI was a key issue in last year's Actors Strike, which, along with the simultaneous Writers' Strike, brought much of Hollywood to a historic halt for several months, forcing much television and film production to cease operations. , at great expense. studio.
When the dust finally settled, SAG-AFTRA claimed it had won an important victory in protecting its actor members from AI intrusion. However, questions remain about how significant these wins were, with some opponents arguing that they lacked true protections and gave studios leeway to exploit loopholes. There is.
The Writers Guild of America also boasted a victory. Studios will now have to disclose whether material provided to artists was generated by AI. Additionally, studios cannot force writers to use AI, nor can they receive credit for it in TV shows or movies.
However, there are still many ambiguous points. AI applications like ChatGPT are already being used by some writers as tools in their creative process. And studios are expected to find legal loopholes to make the technology available.
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