AI and casual music creation to lead “unprecedented expansion” of music creator economy, per new report
“The days of discrete sectors for audience, creation, rights, and distribution are numbered,” says MIDiA Managing Director Mark Mulligan.
AI and casual music creation are poised to become the key drivers of the music creator economy, according to a new report by global market intelligence firm MIDiA Research.
The latest findings reveal that in 2022, the music creator landscape experienced a temporary slowdown, clocking in at 75.9 million music creators, a modest 12 percent increase from the previous year. However, MIDiA’s projections point towards a robust comeback, forecasting accelerated growth in 2024 and 2025, with numbers soaring to 198.2 million by 2030.
Meanwhile, the software and services market for music creators saw a 12 percent surge from $4.2 billion to $4.7 billion in 2022. Music creation hardware revenues are also set to climb to $5.3 billion by 2030, led by production hardware.
Notably, the report highlights two key trends that are steering the course of the music creator economy: AI and the rise of the consumer-creator.
Given the consumerisation of photography (Instagram) and videography (TikTok), the music industry is poised to undergo a similar transformation. As casual music creation becomes mainstream, it is also set to trigger an “unprecedented expansion” of the music creator economy funnel. According to MIDiA, the industry’s future will be defined by simplification and consumerisation.
The report also envisions a substantial role for AI in the industry’s future growth, categorised into assistive tools, generative creator tools, and generative consumer tools.
For Mark Mulligan, Managing Director and Senior Music Analyst at MIDiA Research, “The days of discrete sectors for audience, creation, rights, and distribution are numbered.”
“The streaming-centred music business and creator tools, once distinct, are merging into one extended value chain. Projected to hit a combined $10 billion by 2030, the creator tools sector is poised for both commercial and cultural transformation.”
