I see this going 1 of 2 ways. The big wigs cut out the musicians for more money by using AI. Or, they suppress AI content because they don't like the business model (people don't just listen to the music, they tend to be more interested in the human element, eg concerts or royalties in other media are where the money is made).
Ok, so :
1- Written : ChatGPT already spits out pop-hit-ready lyrics (not a high bar...)
2- Composed : AI results are, by definition, perfectly attuned to our tastes. Plus pop melodies are the easiest. So if you curate a good one out off, say, 1000 random (midi) generations, you can compose a Hit with it
3- Performed : Videos are more difficult that images, but we are already conditionned to CGI + VFX heavy music videos (even low-prod ones). So I don't think it is difficult to generate an AI powered ("collage" style) deep-faked music video.
It is not over though. You did not mention if the sound is totally AI generated or if humains arrange/produce and play/sing in it.
As you can glimpse from the openAI jukebox [1], IMO it is convincingly generating these two elements with the three others into a coherent (less hallucinatory) whole that may be real difficult.
We'll see Ai assisted stuff first before we see the whole kit and caboodle.