音频的未来特别报告：AI状况

Fall 2025 M&A Team Members John LambrosManaging DirectorCo-Head of U.S. Technology+1 212.497.4207John.Lambros@HL.com Executive Summary Houlihan Lokey ispleased to presentThe Future of AudioSpecial Report: TheState of AI, created toshowcase a landmarkAI-in-music whitepaper, authored byCharles Goldstuck ofGoldState Music. We are pleased to present a special edition of our regularly published insights, featuringa standout white paper authored by Charles Goldstuck of GoldState Music titledPastPrecedent, Future Proof: Toward a New Legal and Commercial Framework for AI-Generated Music. This article offers a compelling perspective on how generative AI isreshaping the music industry. Sameer JindalManaging Director+91 92288 66544Sameer.Jindal@HL.com Joy SioufiManaging Director+33 1 88 88 09 70Joy.Sioufi@HL.com With permission from GoldState Music, we are showcasing Mr. Goldstuck’s work to helpbroaden its reach across our network. In addition to the featured article, this specialedition includes analysis from Houlihan Lokey, including updates to its prior commentaryon AI in music, as well as insights into current valuation trends, M&A activity, andfinancing developments across the music sector. John FocosiVice President+1 310.788.5236JFocosi@HL.com The music industry remains one of the most dynamic segments within media, withgenerative AI accelerating innovation and disruption. We share Mr. Goldstuck’s work toamplify this important contribution to the discourse and to support the music industry’sleadership in shaping policy for generative AI. Financial and Valuation AdvisoryTeam Members We hope you find this special report both insightful and thought-provoking. To discussits contents further, please reach out to a member of our team listed to the right. Brian MarlerDirector+1 310.712.6548BMarler@HL.com Conrad KolasaSenior Vice President+1 310.789.5713CKolasa@HL.com Kaivan DoshiVice President+1 310.789.5768KaivanHemantkumar.Doshi@HL.com Featured White Paper Past Precedent, Future Proof: Toward a New Legal and CommercialFramework for AI-Generated Music Charles Goldstuck Date Written: August 15, 2025 Abstract •This white paper takes the position that if copyright law, case law evolution, andpublic policy do not evolve to accommodate the structural changes posed by AImusic, the creative economy will be absorbed into an opaque, unregulatedsystem in which human authorship is significantly devalued.•The task ahead is not to resist AI, but to ensure that it evolves within amultistakeholder governance framework that protects creative labor, enablesinnovation, and scales with the velocity of the disruption. AI services and humancontent creators must coexist and both be allowed to thrive.•With this position in mind, Mr. Goldstuck concludes that the solution to thisproblem cannot solely emerge from the courtroom or legislative bodies. Rather,the only mutually beneficial path forward is for the music industry and AIplatforms to resort to negotiated settlements and collaboratively develop newlicensing agreements. Click here to view the full article. About the Author:Charles Goldstuck About Charles Goldstuck is an accomplished executive and investor across recorded music, publishing, and technology, with a track record ofbuilding businesses that deliver strong returns. He is theFounder and Managing Partner of GoldState Music, a private investment firmfocused on music rights and growth-stage enterprises. In addition, Mr. Goldstuck serves asExecutive Chairman of TouchTunesInteractive Networks, the world’s largest out-of-home digital entertainment network, where he transformed the company into a digitalmedia powerhouse by modernizing the jukebox and developing award-winning products. Extensive Industry Leadership Experience →Founder ofThe Sanctuary at Albany, a recording studio complex and academy in the Bahamas.→President and COO ofBMG.→Co-Founder ofJ RecordswithClive Davis(later becomingRCA Music Group).→Senior leadership roles atAristaandCapitol Records.→Worked with artists such asUsher,Justin Timberlake,Foo Fighters,Britney Spears,Maroon 5, andRod Stewart. Philanthropy and Honors →Leadership roles with theCity of Hope Children’s Hospital Foundation, theBahamas Music Foundation, and theUJA Federation.→TJ Martell Foundation Circle of Legends Award (’25)→American Red Cross Humanitarian Award (’25)→City of Hope Spirit of Life Award (’06) Q&A With Charles Goldstuck What inspired you to return to the academic setting for your Ph.D. and to focus your researchon generative AI’s impact on music? Why was this topic personally and professionally importantfor you, and what excites you about the music gen AI space? I have been a longtime supporter of my alma mater, theUniversity of the Witwatersrand in Johannesburg, South Africa. One of theinitiatives I am supporting at theWits Innovation Center is the AI and African Music Project. Through this support, my reexposure tothe exciting academic developments in South