LUMINATE：2025年年中音乐报告（英文版）

Midway through 2025, our focus at Luminate remains squarely on the intersection of growth and disruption within the music industry. Undoubtedly, the past six months have already delivered an abundance of both. From Los Angeles to Tokyo, New York to London and everywhere the music industry operates, two questions consistently emerge: Where is the next wave of growth coming from, and is AI an enabler or a disruptor in this evolving landscape? Our 2025 Midyear Music Report directly addresses