From CDs to streaming to AI, new technology has had an outsized impact on the music industry for decades — and Venice Music founder/CEO Troy Carter predicts the next big technological shift will come in the form of synthetic artists.
At a panel titled “The Future of Streaming” at the inaugural Trapital Summit in Hollywood on Thursday (Oct. 3), Carter said he does not believe audiences will be able to tell the difference between physical artists and their holographic images in the coming years — and that those lifelike holograms represent the next big revenue generator in music.
To illustrate his point, Carter highlighted what Industrial Light & Magic created for the ABBA Voyage holographic concerts in London. “In terms of live experience, it’s a combination of artificial intelligence and high-end holographic imaging that seems real. The audience won’t be able to tell the difference,” said Carter. “When you go to whatever streaming service, you won’t be able to tell whether that is a human artist or a synthetic artist. When you go to see them live, you won’t be able to tell if it is a human artist or synthetic artist. And the audience won’t care.”
The bold prediction from the former Spotify executive stemmed from Trapital founder and moderator Dan Runcie’s question about what will replace streaming in the music consumption hierarchy as the technology reaches its saturation point.
While Carter stated that the ascension of synthetic artists will take away from “the purity that our industry thrives on…the genie is out of the bottle and the audience doesn’t care,” he said. “They’re going to gravitate towards it and it’s going to be hugely competitive with what legacy music is today.”
The use of synthetic artists, Carter believes, will be beneficial to both human artists and the wider industry due to its scale. By employing them, he said, “you could do [live experiences and recorded music] in every language. You could do it in all parts of the world. Then there are ways for real artists to be able to use that technology to be able to scale their businesses, as well.”
The discussion followed Carter’s thoughts earlier in the panel on where the music industry needs to be placing its energy now that, in his words, the trend of signing artists from TikTok is “starting to crumble.”
“Everybody chased what was hot on TikTok. We gave the keys to TikTok,” said Carter. “Everybody bet on ephemeral artists for the most part and ephemeral songs on TikTok and that’s starting to crumble now. We got to get to a point where it’s, ‘Okay, let’s bet on the art. Let’s bet on the artist. Let’s bet on development and really put strategy around that.’ The people who can do that are going to build billion-dollar brands with artists.”
According to Carter, the music industry can best use new technologies to its advantage by striking true partnerships with the companies that create it.
“In order for this to work, you need partners in this ecosystem whose incentives are aligned with our industry,” he said. “Me going inside of Spotify, Lyor [Cohen] going inside of YouTube, Jimmy [Iovine] and Larry [Jackson] going inside of Apple, it was people who were actually internally helping to align the interest [of music and technology] and being able to explain why [the music] is important. Some great things came out of that, in terms of building real partnerships. We have to hold all partners who are coming into our industry, who we’re giving content to, accountable for that.”
