London UK - The global music industry raked in a record $29.6 billion last year as online streaming propelled revenues to their highest level since records began in the 1990s, new figures showed this week.

Industry bigwigs at the launch of the annual IFPI report in London said paid streaming models were driving profits, but voiced concerns over the rise of generative AI.

The International Federation of the Phonographic Industry, which represents global record companies, also confirmed that Taylor Swift had topped their list of the most listened-to artists in 2024.

But the report said the world's biggest singles last year were Beautiful Things by Benson Boone, with 2.11 billion streams, followed by Sabrina Carpenter's Espresso (1.79 billion streams), and Lose Control by Teddy Swims (1.7 billion streams).

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The music industry grew for the tenth consecutive year with revenues up 4.8%, the report said. Streaming now accounts for more than two-thirds (69%) of global revenues, or $20.4 billion.

Revenues from physical formats dropped by 3.1% in 2024, following a 14.5% increase in 2023.

But vinyl revenues were up 4.6% in 2024, the 18th consecutive year of growth.

The biggest music markets remained the US, Japan, and Britain, while the fastest-growing regions were the Middle East and North Africa (up 22.8%), Sub-Saharan Africa (up 22.6 %), and Latin America (up 22.5%).

At the launch event, representatives from the music industry voiced concerns over the use of generative AI.

IFPI boss Victoria Oakley said the technology was "ingesting" copyrighted music to train models without permission.

AI represented an opportunity for the industry, but also a "huge challenge ahead," she said, calling it "a very real and present threat to human artistry."