Google's MusicLM sounds plausible, but quite dull and even sometimes irritating to my musician's ear.
I'm pretty sure soon enough we'll start seeing the same kind of dynamics that have played out for the arts community in music, not that the dust has settled there yet. I hope there isn't much negative financial impact on people's livelihoods, but maybe some will be unavoidable. And of course, AI is also coming for programmer's jobs, which will hit even closer to home. The next decade will be "interesting", so to speak.
I personally expect that it will turn out that there is zero creativity inherent to the tech, and that it will become apparent after a while that without constant new training input from real brains, the output will not creatively evolve, and therefore become boring to many and end up relegated to elevators, hold music, etc, while people rebel and quite possibly have another folk music explosion. Banjos refuse to die, and that will remain true.
I might be wrong, but that's how I'd bet my twenty bucks.