AI Business- The role of artificial intelligence (AI) tools in business and the global economy is a hot topic across industries. This is not surprising given the fact that AI has the capacity to effect tremendous transformations in the way businesses interact with their respective consumers. This future of a business landscape reshaped by technology is no longer something organizations can ignore. The fourth industrial revolution is in full effect, and companies, particularly in the music business, need to prepare a new set of strategies if they are to adapt and take full advantage of AI’s wave of change.
How impactful will AI be? Well, according to a recent report by McKinsey, 70 per cent of companies will likely adopt at least one type of AI technology by 2030. The same report says AI also has the potential to deliver additional global economic activity of around $13 trillion by 2030, or about 16 per cent higher cumulative GDP compared with today. For the music business, AI may serve as one of the most influential tools for growth, as we enter an era where humans – from artists and songwriters to A&Rs (artists and repertoire) and digital marketers in labels – will be complemented by AI in various forms. The introduction of mature AI will ultimately allow creatives and corporations alike to reimagine the creative process, target new fans, and identify the next set of musical stars with greater accuracy and precision than we ever imagined. We, as a business and culture, need to embrace AI as an enablement tool to shape the music business of tomorrow.
Music that Combines Emotions and the Power of Machine Learning