AI could revolutionize music in the next few years and cost the industry money.
The music industry may be facing another upheaval: Generative AI could lead to a 27 percent loss in sales over the next five years. One came to this conclusion study by Goldmedia on behalf of Gema and its French counterpart Sacem. In concrete terms, this means that the industry in Germany and France could lose 2.7 billion euros.
Musicians in particular feel threatened by artificial intelligence in their creative work. For the study, 15,000 music professionals were surveyed – 71 percent said that they saw their economic foundation threatened by the opportunities offered by AI. However, a third of those surveyed also say that they use artificial intelligence when working, and half of those under 35 already use it. The technology seems to be particularly practical when writing texts and composing. But artificial intelligence is also being used more and more frequently when recording and for marketing and promotional purposes.
AI takes over the producer role
44 percent of those surveyed do not believe it is out of the question that artificial intelligence will be able to produce hits in the coming years. They think that technology will allow complete songs to be composed in the future. It cannot be ruled out that we will have to deal with a completely new genre in the coming years. What many people don’t know: Intelligent composition and mixing tools have long been part of common software. And the Beatles also showed with “Now and Then” what is now possible thanks to the new technical possibilities.
Through the project “Lost Tapes of the 27 Club” has already shown what AI can achieve in the audio sector.
“For as long as popular music has existed, musicians and their crews have struggled with mental health issues at far higher rates than the general adult population. And this problem wasn’t just ignored. It was romanticized, for example by the Club der 27 – a group of musicians who all lost their lives at the age of just 27. To draw attention to this issue, we used AI to imagine what these artists would have created if they were still with us. And we were overwhelmed and humbled by the discussion it sparked,” said the creators behind the project.