Luminate：2025年年底音乐报告（英文版）

To many, 2025 might have looked like the year the music industry finally slowed its pace, but through the lens of our data at Luminate, we saw a year where the industry shifted into another gear. We are incredibly proud to share our 2025 Year-End Music Report, a project that represents far more than just a collection of statistics. Over the past 12 months, we watched our industry undergo a fundamental shift as we moved away from the decade-long “growth at all costs” mentality that marked the