The state of the music industry in the year 2025?

As most people consume their music from streaming services and Youtube, how exactly does the music industry work and survive today?

How do those record labels and artists make their living, whose main income actually comes from the music business?
What are the main revenue sources?
How different is the business process for the big artists vs. medium sized artists?

Note that I'm intentionally cutting out from this question the music studio workforce, as their source of income is much more obvious: They're often dependent on the record labels, artists, ad agencies, and other industries which hire them to produce all the music.

Some random things I have noticed which are related to this topic are:Some artists seem to be turning into Youtube content creators, where they don't actually make music but something else, in hopes of making a living.
Spotify is infamous for not being very profitable as they intentionally dilute their revenue share to the record labels and artists by their own AI artists and AI customers, which take a large cut out from the real artists.
Physical record sales are abysmal compared to what they were during the change of the millennium, so that cannot be very big source of income either. The physical sales are currently going up, but that doesn't explain how any of the artist are still able to survive right now.