AI In Music Market Size, Share, Opportunities And Trends By Application (Personalisation, Music Composition, Audio Mixing), And By Geography - Forecasts From 2023 To 2028

AI in music refers to the integration of artificial intelligence software applications in the music composition, audio mixing, and personalization processes of the music industry. The application of artificial intelligence software in music production processes has enabled music producers and artists to create new sounds and tunes. Landr, Amper Music, Izotope, Brain.fm, Shazam, Splash, and Aiva Technologies are some of the key players in the AI music market. The capacity of AI-generated music to shift the structure of music composition and personalization of individual customers’ playlists is resulting in the adoption of AI software by music artists, producers, and streaming services. This has resulted in the creation of several music software applications which will assist in expanding the international music market consumption and product portfolio offered by music artists.

Market Drivers

• Rise in music consumption levels and music streaming services

The increasing market of the music and media industry is resulting in the emergence of innovative music streaming applications and music consumption among consumers worldwide. For instance, the International Federation of the Phonographic Industry Organization reported that the weekly average time spent by a consumer listening to music increased from 18.4 hours in 2021 to 20.1 hours in 2022. In addition to this, Spotify reported that it's monthly subscribed users increased from 356 million in 2021 to reach 456 million users in 2022. A survey by the World Economic Forum revealed that approximately 24% of music listeners opt for paid music subscriptions such as Spotify and Apple Music. Music streaming services such as Spotify uses AI-driven music tools to categorize and sort songs into different music labels and groups. Further, AI and ML models are employed to suggest and autonomously play songs according to the customer’s preferences. Hence, the rise in music consumption across the world has resulted in the adoption of AI applications in the music industry and streaming software.

• Advancements in AI software and technology

The constant evolution and development of AI software have widened its application scope across various industries including the music industry. These AI software advancements have led to the emergence of new music composition techniques such as riffusion, which refers to the method of generating using AI computer vision instead of voice and sound recognition software. Through riffusion, soundtracks can be generated by using the visual images associated with varying notes used across different music fields. Therefore, the increase in research and development related to AI applications resulting in unique music production methods and the universal increase in music streaming service consumption are two key factors anticipated to propel the expansion of AI in music market over the forecast period.

The probability of ethical risks associated with the application of AI software in the music industry has the potential to hinder the expansion rate of AI in the music market.

The applications of artificial intelligence software and machine learning models in music composition and customization processes require a pre-recorded dataset for the application to understand the music composition procedures and produce new music. However, there are copyright and ethical issues associated with the usage of music tracks and records for such purposes. In addition to this, there is also a possibility of partial and mixed plagiarism in the application of AI-powered tools in music production. These limitations could be mitigated by further research and development of better-performing AI music applications and software.

Key Developments

• In March 2023, Pacemaker, a Swedish music tech company that innovated an AI-assisted customizable DJ software, was purchased by Tuned Global Company to expand its streaming services and product portfolio.
• In February 2023, Agora Inc. launched new features into its existing product which lets the users suppress noise using AI software and generate 3D spatial audio to enhance the authenticity and clarity of music audio and video files.
• In February 2023, Music Licensing, Inc. announced that it will be collaborating with Chat GPT by integrating Chat GPT technology with the AI-driven music program applications generated by its subsidiary, Pro Music Rights to improve the productivity of these applications.

Asia Pacific region holds a notable share of the AI in music market and is expected to grow rapidly in the forecast period.

Countries in the Asia Pacific region such as South Korea, Japan, and so on are experiencing significant growth in their media and entertainment industry and are witnessing high levels of music consumption across consumers and other media platforms which have driven the demand for more efficient and effective AI solutions for the music industry. This, in turn, has spurred investment in various AI applications to be employed across various activities in the music industry. For instance, in 2021, an AI-assisted music technology software, Beatoven.ai was launched in India which helps in generating original music scores for various Youtube channels, wedding videography firms, and marketing agencies. In addition to this, the music industries of South Korea, Japan, China, and India are expanding rapidly. According to the International Trade Administration, the South Korean music industry reached a market value of $6 billion in 2021 while the Japanese and Chinese music industries were among the top five music industries across the world. The expansion of music industries in Asian countries is likely to generate high demand for AI-driven tools to assist in music generation and composition processes over the forecast period.

AI In Music Market Scope:

Key Market Segments:

• By Application
  • Personalisation
  • Music Composition
  • Audio Mixing
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Singapore
    • Indonesia
    • Others