People working in the music sector will lose almost a quarter of their income to artificial intelligence within the next four years, according to the first global economic study examining the impact of the emerging technology on human creativity.
Those working in the audiovisual sector will also see their income shrink by more than 20% as the market for generative AI grows from €3bn (A$4.9bn) annually to a predicted €64bn by 2028.
The findings were released in Paris on Wednesday by the International Confederation of Societies of Authors and Composers (CISAC), representing more than 5 million creators worldwide.
The report concluded that while the AI boom will substantially enrich giant tech companies, creators’ rights and income streams will be drastically reduced unless policymakers step in.
The Australian and New Zealand governments were singled out by the CISAC president, former ABBA band member Björn Ulvaeus, who said the two countries were leading the world in shaping policies that will safeguard creators in the face of generative AI.
