A new report estimates that by 2028, nearly a quarter of music creators’ revenues will be at risk due to generative AI.
Leading musicians including Jimmy Barnes, Missy Higgins and Bernard Fanning have lent their voices to a report warning of the potentially devastating impact of generative AI on their industry.published today by Australia’s music rights organisation, estimates that by 2028, the cumulative total damage of AI on the music industry will be about $519 million.Justin McManus
The report by the Australasian Performing Right Association Limited and Australasian Mechanical Copyright Owners Society, known as, looked at revenue lines for music licences from retail, background music, streaming, digital advertising and projected what that loss would be for musicians. Many were concerned about a lack of regulation and government policy around AI and music, particularly the need for credit, consent and fair remuneration for their work.Cold Chisel frontman Jimmy Barnes said music was fundamental to how we express ourselves and connect with each other.
on it is due to report next month, APRA AMCOS chief executive Dean Ormston said more needed to be done.“We urge the Australian and New Zealand governments to implement EU-style transparency guidelines on tech companies now to disclose the content that has been copied and used without permission to build AI platforms, with sanctions for non-disclosure. Without this, our industry is facing a very bleak future,” Ormston said.
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