The MUSQ Global Music Industry ETF (NYSE:MUSQ) closed about 1.5% higher Wednesday, confirming its uptrend and possible bull flag pattern are in play, which Benzinga pointed out on Dec. 5 and on Nov. 30.

The music industry has remained resilient during the years since the COVID-19 pandemic, with live shows, such as Taylor Swift’s “Eras Tour” and Beyonce’s “Rennaissance Tour” drawing massive crowds of people wanting to reconnect with music in person.

Music streaming has also continued to grow exponentially. Apple Inc’s (NASDAQ:AAPL) services division, which includes Apple Music, online subscriptions such as iCloud and warranties from AppleCare, generated revenues of $22.31 billion in the fourth quarter, an increase of 16.29% year-over-year and up 5.19% from the third quarter. It should be noted that Apple is the second largest holding within the MUSQ ETF, with a weighting of 7.28%.

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Another of MUSQ’s top holdings, Spotify Technology S.A. (NYSE:SPOT), posted a big third-quarter earnings and revenue beat, causing the stock to surge almost 37% since. And, while the streaming giant is currently in the process of restructuring, Rosenblatt Securities believes the reduction in headcount could cause Spotify’s margins to “explode.”

AI And Music Sector Growth: Recent innovations in technology, especially since the capabilities of artificial intelligence really hit the human psyche, with the introduction of ChatGPT, have both presented challenges for the entertainment industry and accelerated the capabilities of the sector and the artists working within it.

On Aug. 21, Sir Lucian Grainge, Chairman and CEO of Universal Music Group, which is the seventh largest holding within MUSQ, weighted at 2.59%, said: “AI will amplify human imagination and enrich musical creativity in extraordinary new ways — and we'll need to strike the balance.”

In an article posted on Alphabet, Inc’s (NASDAQ:GOOG) (NASDAQ:GOOGL) YouTube Official Blog, Grainge explained how Universal Music is working with the social media platform to harness the potential of AI in the music industry, without compromising creativity or compensation for artists.

“We are working hand-in-hand with YouTube to launch their Music AI Incubator, which is first bringing together a working group of leading UMG artists, songwriters and producers in multiple genres,” Grainge wrote.

While Grainge believes AI can help to empower artists, he wrote that “AI will never replace human creativity because it will always lack the essential spark that drives the most talented artists to do their best work, which is intention. From Mozart to The Beatles to Taylor Swift, genius is never random.

MUSQ holds a 6.32% weighting in YouTube's parent company Alphabet, the former which is a massively popular music and video sharing site, with over 2.5 billion monthly users. Alphabet is up about 44% over the last 52-week period.