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 on Wednesday.

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.