The report, compiled by the International Confederation of Societies of Authors and Composers (CISAC) said that those working in the audiovisual sector will also see their income shrink by more than 20 per cent as the market for generative AI grows from €3bn annually to a predicted €64bn by 2028.

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 study concluded that under current regulatory frameworks in most countries, creators stand to lose on two fronts. Unauthorised use of their works by generative AI models will eat into remuneration earned through copyright. At the same time, work opportunities will shrink as AI-generated outputs become more competitive against human-made works. The report predicted that by 2028, exponential growth in generative AI music would account for about 20 per cent of traditional music streaming platforms' revenues and about 60 per cent of music libraries' revenues.

The report warned of revenue "derived directly from the unlicensed reproduction of creators' works, representing a transfer of economic value from creators to AI companies."

The CISAC's president also applauded Australia and New Zealand's thoughtful response to AI.

"By setting a gold standard in AI policy that protects creators' rights while fostering responsible and innovative technological development, Australia and New Zealand can ensure that AI serves as a tool to enhance human creativity rather than replace it."