Intellectual property, Copyright and generative AI, Music and audiovisual sectors, Economic values in the next five years
GEN AI: 22 billion in copyright collection at risk in five years
CISAC economic study published.
Lack of rules for the protection of creators’ rights and transparency rules.
CISAC (the International Confederation of Societies of Authors and Composers, representing over 5 million creators) has released the first ever global study on the economic impact of AI on the music and audiovisual sectors.
Generative AI is estimated to enrich technology companies but significantly undermine the earnings of human creators over the next five years.
In fact, it is estimated that the market for musical and audiovisual content generated by AI will grow from the current 3 billion euros to 64 billion euros by 2028.
At the same time, revenue from generative AI services in music and audiovisuals is forecast at 9 billion euros in 2028, compared to the current 0.3 billion
While generative AI providers’ revenues will see exponential growth over the next five years, creators risk losing a large portion of their current revenues due to the surrogate impact of AI-created works.
While providing the creative “fuel” for the AI-generated content market, music and audiovisual creators risk 24% and 21% of their revenue respectively by 2028.
This translates into a cumulative loss of 22 billion euros over the five-year period (10 billion in music; 12 billion in audiovisual).
https://www.cisac.org/Newsroom/news-releases/global-economic-study-shows-human-creators-future-risk-generative-ai
Source Siae
December 5, 2024
