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AI to slash music and audiovisual industry revenues by over 20% by 2028, report warns

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The first major study on the economic impact of new technology on the arts warns of the likely 'cannibalization' of catalogs by machine-generated works
The article from El País discusses a report by the consulting firm PwC, which predicts that the music and audiovisual industry will face a significant revenue decline of over 20% by 2028 due to the rise of artificial intelligence (AI). AI technologies are expected to disrupt traditional revenue streams by automating content creation, reducing the need for human artists, and altering copyright and royalty structures. The report highlights that while AI can generate music and visual content at a lower cost, it also poses challenges such as job losses for creatives, potential copyright infringement issues, and a possible decrease in the perceived value of human-made art. However, the article also notes that AI could open new avenues for creativity and personalized content, suggesting that the industry might need to adapt by integrating AI as a tool rather than viewing it solely as a threat.

Read the Full El País in English Article at:
[ https://english.elpais.com/technology/2024-12-04/ai-to-slash-music-and-audiovisual-industry-revenues-by-over-20-by-2028-report-warns.html ]