The relative lawlessness surrounding AI regulation could result in musicians losing up to 24% of their income by 2028, according to a new study by the International Confederation of Societies of Authors and Composers (CISAC).

The generative AI market hovers around $3.1 billion now, but could balloon to a staggering $67 billion in four years. The CISAC argued earlier this month that "in an unchanged regulatory framework" a loss of $23 billion in revenue could be expected for both music and audiovisual artists. The former group – musicians – could see 24% of their earnings at risk, while the audiovisual artists are at risk of a 21% decrease.

Björn Ulvaeus, ex-ABBA member and the president of CISAC, urges governments to step in and regulate AI. "It’s critical that we get these regulations right, protect creators’ rights and help develop an AI environment that safeguards human creativity and culture," says Ulvaeus.

Some countries, like New Zealand and Australia, are already putting safeguards up to reign in AI. American institutions, such as the Recording Academy, have supported such movements as Tennessee's ELVIS Act, but more widespread measures have yet to be put in place.

Read the CISAC report here.