Music industry professionals gathered on Thursday night for the inaugural Future of Music event, co-hosted by The Hollywood Reporter and the University of Miami’s Frost School of Music. The event aimed to explore the evolving landscape of music in the age of technology.
Keynote speaker Yungblud, a recently nominated three-time Grammy artist, engaged in a lively conversation with THR music editor Ethan Millman. The discussion centered around the resurgence of rock music, with Yungblud’s energetic style resonating with the audience.
Panelists included notable figures such as Audrey Benoualid from Myman Greenspan Fineman Fox Rosenberg & Light, Serona Elton, vice dean and chair of the music industry department at the Frost School, Evan Winiker, managing partner at Range Music, Isabel Quinteros, SVP of marketing industry relations at Jen AI, and songwriter and producer Roahn Hylton. They collectively addressed the impact of artificial intelligence on the music industry.
Industry Impact
During the panel, the discussion pivoted to the realities of AI within the music industry, particularly the challenges of establishing a monetization model for AI-generated music. Quinteros highlighted the recent success of Suno, an AI music platform that raised $250 million in funding, suggesting that private equity firms would soon engage more deeply in this space.
“Over $20 billion has been poured into music acquisition over the last six years. Private equity now owns a lot of the music catalogs that are trained on,” Quinteros stated. “I think that depending on where we land here over the next year or so, I can see people like BlackRock and other big private equity firms coming in to get in the fight, because now they have skin in the game.”
The prevailing sentiment among industry executives was cautiously optimistic about the future implications of AI. Elton noted, “I think we’ll start seeing all the tools become licensed, and we’ll be talking more about how the monetization’s going to work, as opposed to if that’s what’s going to happen.”
Challenges and Opportunities
Yungblud, addressing the audience, shared insights on his artistic journey and the contemporary relevance of rock music. Reflecting on his latest album, Idols, he expressed a desire to create a classic rock sound that resonates with modern audiences. “I was at that point in my life [where] I was so tired of trying to be just a little bit less of what I am,” he remarked, noting the risks he took in producing the album. “It could have gone fucking pear shaped, but it fucking didn’t.”
He elaborated on the current resurgence of rock music, attributing it to a convergence of multiple scenes rather than a single standout artist. “We always, as a group, go like, ‘Who’s going to save rock and roll?’” he said. “The reality of the situation is every time it has reared its head again and dominated or kicked the mainstream’s ass, it’s always been when it’s spherical.”
Yungblud also pointed out how the historical competitive nature of the rock genre has hindered collaboration among artists, contrasting it with the more collaborative spirit seen in genres like hip-hop and rap. His insights come at a time when the music industry’s landscape is increasingly shaped by technological advancements and shifting audience tastes.
The Future of Music event successfully brought together a diverse array of industry leaders to address pressing issues at the intersection of technology and music, highlighting both the challenges and opportunities that lie ahead as artificial intelligence continues to reshape the industry.
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