The day of debating if AI will affect the music & streaming industry is over. Modern technology, such as ML and artificial intelligence, is used in various ways. It is time to consider how much it influences how we consume and create music.
Just as it works for other business segments in the music industry, artificial intelligence automates services and insights in enormous data sets, discovers patterns, and helps create efficiencies. In the article, we have described how AI-backed music labels note success and explore how the technology affects the industry immediately.
The music industry needs to prepare and accept how AI can transform businesses; those who won’t get modern technology be left behind. AI has widely gained popularity in the music industry in recent years. And the primary reason behind its rise is the uptake of AI in core music streaming apps, while other reasons are as follows:
- AI Augments Listeners’ Experiences Through Personalized Playlists
- AI Breaks the Paradigm of Infinite Choices
- Artificial intelligence Affects the Creative Process of Artists and Musicians
- AI May Eventually Create Its Music
Artificial intelligence had a significant impact on almost all sectors, including music. The report shows that AI marketing will hit the $60 billion mark by 2025, while the global GDP will increase by 15.7 trillion by the end of 2030 due to artificial intelligence.
Source: (PWC)
AI can help the music industry to analyze data in a different composition. Besides, it helps to reveal characteristics and patterns that give rise to good music. It also helps combine other elements to develop new designs; this process can benefit music producers and musicians.
Artificial Intelligence Catapults Increase in the Music Industry
Businesses are being reshaped by modern technology, and the music industry is not the exceptional one. McKinsey’s report shows that more than 70% of companies will utilize at least one AI technology by 2030.
Source: (McKinsey)
Artificial intelligence promises that it will complement as well as augment human capabilities. As we make improved choices and become effective and efficient with AI’s insight and support, it can drive innovation and growth. As a result of an artificial intelligence impact, the creative process will likely transform.
Artificial Intelligence (AI) is not limited to music composing and paving the way for listeners through streaming services anymore. Despite the ungrounded disturbance over artificial intelligence’s music takeover, this modern technology applies to limiting music piracy globally, mastering, and the sound process as well.
A great song is a combination of creative spark as well as other technical knowledge. You would be shocked at how much it takes to evolve a lifeless and dry recording into what you hear on the music streaming and radio service.
Optimizing a track for a sufficient listening experience is termed mastering. For many upcoming artists, everything relevant to audio processing is the most significant roadblock on their approach to releasing music, as professional mixing and mastering services, which usually cost more than they can afford.
Top AI Tools Helping Music Companies to Identify Music Potential
Artificial intelligence (AI) is changing the music industry in myriad ways. Top brands like Snafu, Mussiio, Warner Music Group, and more use this modern technology to identify music potential. Let’s check more on will a song be a hit—an AI-backed music label’s notes of success.
Snafu
Snafu Records is bringing a new and unique approach to finding music talent. CEO and founder of Snafu, Ankit Desai, related the startup as “the first full-service, AI-enabled record label.”
The company’s algorithm looks at more than 150,000 tracks from unsigned artists every week on different services like SoundCloud, YouTube, Instagram, and many more. The company evolves the data based on listener sentiment, the music itself, and listener engagement.
Desai, the CEO of Snafu Records, said the sweet spot is to be 70 to 75% similar to the music streaming content on Spotify’s top list so that the music sounds much like what is already popular while doing enough; to “break the mold.”
The primary goal of Snafu is to find the next big artist. The company wants musicians to sign in as Snafu artists, who then get access to the company’s industry expertise as well as marketing support in exchange for streaming revenue share. While Ankit Desai said, Snafu will share revenue with artists and lock each of them with a short time using a standard record contract.
Musiio
The Singapore-based AI firm has developed a technology called Hit Potential Algorithm that claims to determine whether a piece of music is likely to be successful or not based on the audio alone.
Musiio co-founder and CEO Hazel Savage illustrate the potential and importance of AI-based A&R, AI to ‘listen’ to music; it helps transform the files into something that the computer can understand.
She further said, “We do this to allow auto-tagging as well as audio reference search. The core tech is Artificial Intelligence (AI), which combines feature extraction and deep learning. The company uses modern technology to understand and identify patterns and features of a track. It focuses on the audio rather than data and stats from third parties, which few of the services utilize to categorize tracks.
Warner Music Group
American multinational record label and entertainment conglomerate Warner Music Group Corp. is headquartered in New York City. It’s one of the big recording companies and the third-largest in the global music industry, after Sony Music Entertainment (SME) and Universal Music Group (UMG).
The company operates and owns some of the most successful and prominent labels in the world, including Warner Records, Elektra Records, Atlantic Records, Reprise Records, and Parlophone Records (formerly owned by EMI). The company also owns Warner Chappell Music, one of the largest music publishers.
Since 2018, Warner Music Group has increased its business in digital media operations by acquiring Uproxx. It also bought a repertoire and artist tool called Sodatone, combining social, touring, and streaming data with machine learning to help identify unsigned talent.
The platform uses indicative data to discover predictions, including online fans’ engagement and loyalty levels and the potential ‘virality’ of a demo, track, or more. Besides, it also helps to identify which songs have more potential in the broader market; the AI-powered tool also provides insights into audience reactions before the launch from established artists.
Bottom Line
As stated above, more companies, including the music sector, will adopt AI technologies by 2030. The music industry will face new challenges, not to worry! Artificial intelligence is not here to replace the artists in creating praising and sensory experiences transferring music.
However, AI is already helping the music industry identify the music potential, understand patterns, and know which music will make the next hit. It is also helping to create music mastering platforms, royalty-free music for creators that provide instant feedback and advice to protect the copyright.
The development of music streaming software is another trend generating the majority of revenues and is expected to continue globally. Hence, music creators will be considering algorithms for hitting the playlists of the streaming platforms.