Generative Artificial Intelligence (AI) in Music Global Market Report 2024

The generative artificial intelligence (AI) in music market size has grown exponentially in recent years. It will grow from $0.27 billion in 2023 to $0.34 billion in 2024 at a compound annual growth rate (CAGR) of 28.4%. The expansion observed during the historical period can be attributed to heightened computing power, innovative experimentation, improved data availability and quality, personalized content, and the proliferation of big data.

The generative artificial intelligence (AI) in music market size is expected to see exponential growth in the next few years. It will grow to $0.95 billion in 2028 at a compound annual growth rate (CAGR) of 28.8%. The projected growth in the forecast period can be ascribed to the integration with creative tools, incorporation of AI into creative workflows, ethical and regulatory factors, cost-effectiveness, scalability, and the rise of AI-driven content discovery. Key trends anticipated in the forecast period encompass progressions in deep learning algorithms, collaboration between AI and human creativity, opportunities for monetization, real-time content generation, and the production of hyper-realistic content.

The surge in smartphone usage is anticipated to drive the expansion of generative artificial intelligence (AI) within the music market in the foreseeable future. Smartphones, amalgamating mobile phone functionality with portable computing capabilities, offer features like email, data storage, and internet connectivity. Their popularity stems from factors such as connectivity, versatility, socio-cultural influences, affordability, and accessibility. As smartphones become ubiquitous, millions worldwide gain access to diverse music creation apps and platforms powered by Generative AI. These applications enable users to compose, remix, and produce music directly from their smartphones, negating the necessity for expensive studio equipment or specialized software. For example, in April 2022, Vietnam saw a rise in smartphone subscribers, reaching 93.5 million by March 2022, equivalent to 73.5% of the adult population, as reported by the Department of Telecommunications under the Ministry of Information and Communications, a Vietnam-based regulatory agency. Consequently, the growing adoption of smartphones fuels the expansion of generative artificial intelligence (AI) in the music market.

Key players in the generative artificial intelligence (AI) music market are innovating with music and sound generation AI tools, like Stable Audio, to boost creativity, streamline workflows, and inspire inventive compositions. Stable Audio, a music and sound generation AI tool, autonomously generates melodies, harmonies, rhythms, sound effects, and complete musical compositions, either independently or in collaboration with human users. In September 2023, Stability AI Ltd., a UK-based generative AI company offering free and open-source solutions, launched Stable Audio. This platform facilitates faster, high-quality music creation through an intuitive online interface, leveraging the latest artificial intelligence (AI) algorithms. Stable Audio is available in two editions, a basic free version enabling creation and download of songs up to 20 seconds long, and a 'Pro' membership offering 90-second tracks suitable for commercial projects. By leveraging cutting-edge AI technologies, Stable Audio empowers musicians to create samples for their compositions effectively.

In February 2022, Apple Inc., a US-based technology giant, acquired AI Music for an undisclosed sum. This acquisition underscores Apple's intent to harness AI Music's expertise in generative artificial intelligence to introduce advanced features like personalized playlist curation, immersive music experiences, and seamless integration with Apple's platforms and services. AI Music, headquartered in the UK, specializes in using artificial intelligence to produce personalized soundtracks and adaptive music.

Major companies operating in the generative artificial intelligence (AI) in music market are Apple Inc, Alphabet Inc, Microsoft Corporation, Alibaba Group Holding Limited, Sony Group Corporation, Amazon Web Services Inc, International Business Machines Corporation (IBM), NVIDIA Corporation, Shutterstock Inc, DEEZER SA, OpenAI Inc, Native Instruments USA Inc., Stability AI Ltd, SoundHound AI Inc, SoundCloud Global Limited & Co KG, Moises Systems Inc, Pixelette Technologies LTD, Boomy Corporation, Amper Music Inc., DigiTrax Entertainment Inc, Pandora Media Inc, Mubert Inc, Vochlea Music Ltd, Aiva Technologies SARL, WaveAI Inc.

North America was the largest region in the generative artificial intelligence (AI) in music market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the generative artificial intelligence (AI) in music market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the generative artificial intelligence (AI) in music market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Generative artificial intelligence (AI) applied in music involves utilizing AI algorithms on vast collections of existing music to analyze patterns, styles, and structures, enabling the creation, generation, or modification of music compositions autonomously. This utilization of generative AI in music provides a range of versatile tools and capabilities that enhance the creative process, foster innovation, and expand the boundaries of musical expression.

The primary forms of generative artificial intelligence (AI) in music comprise generative adversarial networks (GANs), augmented reality convolutional neural networks (AR-CNNs), and transformer-based models. Generative adversarial networks (GANs) represent a type of artificial intelligence model composed of two networks, a generator, and a discriminator, which engage in a competitive process to produce authentic music compositions. Diverse components encompass software and services utilized across various applications, such as music composition, music mastering, music streaming, sound creation, among others.

The generative artificial intelligence (AI) in music market research report is one of a series of new reports that provides generative artificial intelligence (AI) in music market statistics, including generative artificial intelligence (AI) in music industry global market size, regional shares, competitors with a generative artificial intelligence (AI) in music market share, detailed generative artificial intelligence (AI) in music market segments, market trends and opportunities, and any further data you may need to thrive in the generative artificial intelligence (AI) in music industry. This generative artificial intelligence (AI) in music market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The generative artificial intelligence (AI) in the music market consists of revenues earned by entities providing services such as auto-arrangement services, lyric generation tools, interactive music creation platforms, remixing and mashup tools, AI-generated music composition, and auto-arrangement services. The market value includes the value of related goods sold by the service provider or included within the service offering. The generative artificial intelligence (AI) in music market also includes sales of digital audio workstations (DAWs), hardware synthesizers, hardware interfaces, and chord progression generators. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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