Explosive Growth: U.S. Latin Music Revenues Smash $1 Billion for Second Year, Climbing 16% to Reach New All-Time High
The Latin music industry in the U.S. continues its meteoric rise, generating $1.4 billion in revenue and surpassing growth in the overall market for the second consecutive year. The Recording Industry Association of America® (RIAA) has just unveiled a comprehensive report detailing how fans are increasingly engaging with Latin music through streaming and innovative partnerships, significantly shaping cultural trends.
2023 RIAA Latin Music Revenue Report Now Available in Both English and Spanish
RIAA’s Senior Vice President of Public Policy & Latin Music, Rafael Fernandez Jr., comments, “Over the past decade, Latin music has seen an unprecedented boom in the U.S., driven by a new generation of stars and ubiquitous streaming access. This dynamic sector is transcending language barriers and outdated cultural assumptions, with Latin artists now at the forefront of shaping our collective cultural landscape. This year, we’ve seen a surge in paid streaming subscriptions and a growing interest in Latin vinyl, as both fans and artists find new ways to connect and create memorable moments.”
Last year’s data showed that streaming accounted for 84% of total music revenues, amounting to $14.4 billion, with an average of 96.8 million paid subscriptions. Mirroring this, Latin music revenues from streaming soared to $1.3 billion, making up over 98% of the genre’s total earnings. Paid subscriptions in Latin music grew by 21% to $915 million, outpacing other formats and highlighting the genre’s strong support from its listeners. Ad-supported platforms like YouTube, Vevo, and free versions of Spotify contributed $336 million, nearly a quarter of Latin music’s total revenue and significantly higher than the overall market’s share from similar sources.
Matthew Bass, RIAA’s Vice President of Research and Gold & Platinum Operations, adds, “It’s thrilling to observe Latin music not only thriving but also significantly influencing the broader U.S. music market. Streaming continues to be a major player in this connection and discovery of new music. Latin music is also set to make significant inroads into vinyl, promising even further growth in this traditional format.”
Revenue from digital and customized radio services like Pandora and SiriusXM rose to $77 million, comprising 6% of Latin streaming revenue. Meanwhile, permanent downloads and physical formats lagged, contributing less than 1% to total revenues, with CDs down 49% and vinyl albums decreasing by 25%.
Latin music is not just surviving but thriving, gaining both popularity and reach annually as it welcomes new superstars and celebrates enduring icons. This ongoing success story underscores the genre’s vibrant market presence and expanding influence in the U.S. music industry.
