It’s no secret that Latin music has become a huge part of the music industry in the United States (not to mention the music industries in many other countries).
In 2022, U.S. Latin music revenue will exceed Dollar US$1 billion Reaching this number for the first time and setting a new record in 2023 $1.4 billion.
This year, Latin music could easily set new annual records again.
U.S. Latin music revenue surges, according to new data from RIAA’s 2024 Midyear Latin Music Revenue Report Annual growth of 7.3% In the first half of 2024, $685.5 millionsetting a historical record in the first half.
You can read the full report here.
“Latin music in America continues to break through and reach new heights, now offering nearly 8% part of the nation’s total recorded music revenue. Matt BassRIAA Vice President, Research/Gold and Platinum.
“Strong growth across all major formats—including a doubling of physical revenue—has enabled Latin music to fuel more than a decade of continued momentum with a diverse mix of innovative styles from new and established artists.”
latin music event 7.9% The proportion of total U.S. recorded music revenue increased slightly in the first half of 2024 7.5% For the first half of 2023, the same percentage as for the full year of 2023.
According to the RIAA’s mid-year report released in August, the U.S. recorded music market as a whole generated $ US$8.65 billion In H1 – Up An increase of 3.9% compared with the same period last year.
Not surprisingly, paid streaming subscriptions are the largest revenue contributor. exist $468.1 millionthey accounted for 68% Latin music revenue in the United States during the first half of the year.
But Latin music is particularly overrepresented in ad-supported streaming. Free music services revenue increases Annual growth of 10.2%arrive $166.3 millionaccounting for about a quarter of total revenue. This share is two and a half times 10% Advertising support generates revenue for all recorded music.
“Strong growth across all major formats—including a doubling of physical revenue—has enabled Latin music to fuel more than a decade of continued momentum with a diverse mix of innovative styles from new and established artists.”
Matt Bass, Recording Industry Association of America
In the first half of 2024, physical media sales doubled to $9 million from $4.5 million The year before, both CDs and vinyl had grown. However, physical music still represents a much smaller portion of the Latin music market compared to the overall recorded music market, 1% sales, comparison 9% for the market as a whole.
Despite being overrepresented in ad-supported streaming, Latin music fans appear willing to spend more to support their favorite artists.
According to Market Monitor 2023 Report brightLatin super fans spend 30% They are more focused on music consumption than other superfan communities in the United States.
“There’s a reason Latinx is the fastest-growing genre on American streaming services. Fans can’t get enough of its undeniable energy, emotion, power and joy.
Michelle Ballantyne (RIAA)
Although the genre has made great strides in the United States in recent years, it absolutely dominates the music of Latin American countries.
according to a report Spotify Earlier this year, Spanish-language music accounted for 87% Music streaming numbers in Colombia in 2023 88% Mexican streams, and 94% In Argentina, there are just 25% ten years ago.
Spotify says Latin music listenership surges on its service 986% From 2014 to 2023, it is worth noting that Spotify’s total user base also grew rapidly during this period.
“Latin music continues to soar to new heights—setting U.S. revenue records and driving cultural growth around the world, as we report today,” said RIAA President and Chief Operating Officer Michelle Ballantyne explain.
“There’s a reason Latinx is the fastest-growing genre on American streaming services. Fans can’t get enough of its undeniable energy, emotion, power and joy.
global music business
