Musicians to lose a quarter of income to AI in next four years, study finds
theguardian.com
theguardian.com
The other part is how many people you need to produce music. There are tools which can replace some of the work, such as mastering, playing an instrument or even making me a singer with a decent voice. Not for the high end, but still a threat to studio musicians.
One is enough, see e.g. http://rochus-keller.ch/?p=1317. The band is just one guy and the output is the result with no overdups, just with the (AI) mastering assistant of the Ozone plugin.
Even without AI, the music market is oversaturated. The quality of the music is obviously irrelevant to most people, so hardly anyone will complain if you simply replace the musicians with AIs (only a few will even notice). A quarter of nothing is almost the same as nothing.