Latin music revenue hit a record high in the first half of 2024, reaching $685 million, according to the Recording Industry Association of America’s Latin Music mid-year report released on Thursday (October 10). The analysis shows Latin grew 7% compared with the first half of 2023, with growth driven by paid streaming subscriptions, which account for two-thirds of U.S. Latin revenue. Additionally, Latin music revenue once again grew faster than the overall recorded music market in the first half of the year.
While the report doesn’t specify which artists or genres were directly responsible for the new highs set mid-year, Latin music’s rise is likely due to the many artists driving the movement. From Karol G to Peso Pluma, who’s still going strong in a historic 2023, and newcomers like Xavi, it’s safe to say that a diverse group of acts helped Latin music have another record year .
“Latin music continues to soar to new heights—setting revenue records in the U.S. and driving global culture as we report today.” Michelle BallantyneRIAA president and chief operating officer said in a statement. “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.
The RIAA’s mid-year report explains that paid streaming subscriptions contributed more than two-thirds of total revenue. Overall, U.S. paid subscriptions will average a record 99 million in 2024, accounting for 68% of total U.S. Latin music revenue. Total revenue from ad-supported on-demand streaming services (including YouTube, Vevo, the free version of Spotify and social media platforms) accounts for nearly 25% of the total value of Latin music, compared with 10% of total recorded music revenue.
Meanwhile, digital services (including paid and ad-supported streaming, online radio options and digital downloads) provided 98% of total Latin music revenue in the first half of 2024.
“Latin music in the United States continues to break through and reach new heights, now accounting for nearly 8% of total recorded music revenue in the country. Strong growth in all major formats, including a doubling of physical revenue, has allowed Latin music to feature innovative styles from new and established artists diversified portfolio, driving continued momentum for more than a decade. Matt BassRIAA vice president for research.
In April, the Recording Industry Association of America (RIAA) reported that U.S. Latin music revenue exceeded the $1 billion mark for the second consecutive year, growing 16% and outpacing the overall market.
Billboard Latin Music Week’s 35th anniversary event will take place in Miami from October 14-18 and will feature exclusive panels, conversations and performances from Latin music’s biggest stars. Buy your tickets to Billboard Latin Music Week 2024 here.
