Artificial intelligence could transform the future of sound. The market for generative AI in the music industry is taking off, with both huge opportunities and substantial risks for creative professions. A study by Goldmedia consulting and research group found that music creators could lose up to 27 percent of their revenue by 2028 as a direct result. Klaus Goldhammer, Managing Director of Goldmedia, says artists are calling for regulations to protect their jobs.
“There is a huge demand from authors and composers for consent, for a licensing scheme, for fair remuneration”, Goldhammer said, adding that nearly a third of authors and composers “already use AI models for their musical and creative work. This shows that creative people are open to AI models (…) But at the same time, they are in fear of losing their livelihoods to AI models, and this is a profound problem”.
Goldhammer says there’s no turning back the AI music wave. “I think we are in the midst of a very profound revolution, which is AI, and it’s not over yet. My idea of a big revolution to come is when an AI-generated artist will have an AI-generated song becoming the number one hit in the world!”
Also, AI isn’t the only phenomenon transforming the music industry. In 2024, would-be concert goers were taken aback by soaring ticket prices for hot acts like Oasis, as the live music circuit embraced the dynamic pricing model.
