How AI is generating new revenue from music catalogs

Posted 2023-08-29 09:55:38

Discover how AI is revolutionizing the music industry by tapping into music archives for new revenue streams. Explore the intersection of technology and music catalog management in this insightful article.

AI-induced anxiety is ever-growing. Whether it’s the fear that machines will evolve capabilities beyond their coders’ control, or the more surreal case of a chatbot urging a journalist to leave his wife, paranoia that artificial intelligence is getting too big for its boots is building. One oft-cited concern, voiced in an open letter from a group of AI experts and researchers calling themselves the Future of Life Institute calling for a pause in AI development, is whether, alongside mundane donkeywork, we risk automating more creative human endeavors.

It’s a question being raised in recording studios and music label boardrooms. Will AI begin replacing flesh and blood artists, generating music at the touch of a button?

While some may discount these anxieties as irrational and accuse AI skeptics of being dinosaurs who are failing to embrace the modern world, the current developments must be taken seriously.

AI poses a potential threat to the livelihood of artists and in the absence of new copyright laws that specifically deal with the new technology, the music industry will need to find ways to protect its artists.

We all remember when AI versions of songs by The Weeknd and Drake hit streaming services and went viral. Their presence on streaming services was short-lived but it’s a very real example of how AI can potentially destabilise the livelihood of artists. Universal Music Group quickly put out a statement asking the music industry “which side of history all stakeholders in the music ecosystem want to be on: the side of artists, fans and human creative expression, or on the side of deep fakes, fraud and denying artists their due compensation.”

However, there are ways that AI can deliver real value to the industry – and specifically to the owners of large music catalogs. Catalog owners often struggle with how to extract the maximum value out of the human-created music they’ve already got.

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