Music existed before any of the record companies did. People used to sing and play music just to entertain themselves and their friends. I am quite certain they will continue to do so, AI never phasing them.

It's true, but most of the cultural innovation I'm aware of, from Bach to Coltrane to Hendrix, came from people who could make art their life, largely by paying the bills with it. I don't think we'll lose art entirely, but we might lose the greatest artists.