Global Study Warns AI Could Slash Music Industry Incomes by Nearly 25% by 2028

The report highlights a projected €22 billion loss for creators as generative AI reshapes the creative economy, urging policymakers to act swiftly to protect artists' rights.

• The International Confederation of Societies of Authors and Composers (CISAC) released the first global study on AI's economic impact on the music and audiovisual sectors.
• Music creators are projected to lose 24% of their income by 2028, with audiovisual professionals facing a similar 21% revenue decline due to generative AI growth.
• The market for generative AI is expected to surge from €3 billion in 2023 to €64 billion by 2028, with AI developers in music alone gaining €4 billion in revenue.
• The report warns of creators' works being used without authorization to train AI models, eroding copyright protections and reducing work opportunities.
• Countries like Australia and New Zealand are praised for setting strong AI policy standards, while global policymakers are urged to implement regulations safeguarding human creativity.

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