Will AI Do More Harm Than Good for the Music Business?
AI music could have both positive and negative effects on the record label business, depending on the perspective. The question remains whether it will decrease labels' market share or increase revenue.
According to some analysts, the negatives of AI outweigh its positives, while others see mostly benefits. Universal Music Group (UMG) chief digital officer Michael Nash stated,
"We believe the commercial opportunity is potentially very significant."
Nash emphasized that new products and services enabled by AI could create new revenue streams for artists and songwriters, constituting an important source of incremental additional new future revenue.
Author's summary: AI's impact on music business is uncertain.
- AI music could hurt or help the record label business.
- Universal Music Group believes AI has significant commercial potential.
- AI could create new revenue streams for artists and songwriters.