Leading Australian musicians, including Jimmy Barnes, Missy Higgins, and Bernard Fanning, have expressed serious concerns about the impact of Artificial Intelligence (AI) on the music industry. A recent report by Australia’s music rights organization, APRA AMCOS, highlights the potential threat posed by generative AI to music creators and their livelihoods.
The AI and Music Survey report predicts that by 2028, the cumulative damage to the music industry caused by AI could reach a staggering $519 million. One of the key findings of the report is that 23% of music creators’ revenues are at risk due to generative AI technology. This alarming statistic has raised widespread concerns among musicians, with 82% of those surveyed worried that AI could ultimately jeopardize their ability to earn a living from their art.
The report sheds light on the various revenue streams at risk, including music licenses from retail, background music, streaming, and digital advertising. The potential loss of income for musicians poses a significant threat to the sustainability of the industry and the livelihoods of artists worldwide.
As the debate around AI and its impact on music continues to evolve, it is crucial for stakeholders to come together to find innovative solutions to protect the rights and interests of music creators. The voices of musicians like Jimmy Barnes, Missy Higgins, and Bernard Fanning play a crucial role in raising awareness about the challenges posed by AI and ensuring a sustainable future for the music industry.
