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- Music + AI Industry Overview
Music + AI Industry Overview
$3.1 billion = Generative AI music
Music is Changing:
With the potential market value of generative AI music applications projected to hit $3.1 billion by 2028,
Products like Open AI Jukebox, Meta's AudioCraft, and Suno are all exploring the idea of text-to-music prompting generated by AI.
Spotify Decides to Read Your Mind:
As major shifts are taking place on the AI generation side of the music industry, Spotify has released a flagship product to predict and serve the optimal music to users at any given moment.
With over 100 million tracks and 600 million subscribers, it is heavily investing to enhance song recommendations with their new product DJ which mimics the radio experience but is highly personalized with a dynamic AI voice and recommendation engine.
It should be noted the feature, which has been out for almost a year, in beta has been met with mixed reactions being called everything from Spotify’s “AirPods moment” to a tool that does not have “enough new music recommendations”
Spotify and AI Rules:
This feature is rolled out as questions surrounding the copyright of generative music and training data embroil the industry.
In an interview with BBC Spotify CEO Daniel Ek discussed how it“does not allow its content to be used to train a machine learning or AI model, the likes of which can then produce music” (BBC)
And also stated that the platform will not ban generative AI-created music more broadly.
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