Latin music continues to be one of the record industry’s biggest success stories.
Gross revenues generated by Latin Music in the United States surpassed $1 billion for the second consecutive year in 2023, reaching $1.4 billion.
That’s according to the Recording Industry Association of America (RIAA), which published its year-end Latin Music Report today (April 23) for the world’s largest recorded music market.
The report shows that on a retail basis (money spent on streaming subscriptions, as well as physical and digital music), Latin music revenues grew 16% YoY in the US in 2023, outpacing the overall market.
Last month the RIAA reported that revenues in the US recorded music industry as a whole grew 8% YoY to $17.1 billion in 2023.
According to RIAA data, Latin Music had a market share of 7.9% of all recorded music revenue in the US last year (see below).
Previously noted in RIAA’s full market annual report, streaming accounted for 84% of total revenues in the US last year, hitting $14.4 billion and averaging 96.8 million paid subscriptions to on-demand services.
According to the RIAA’s year-end Latin Music report, published today, streaming accounted for more than 98% of Latin Music revenues in the US in 2023 (up 17% YoY to $1.3 billion).
Paid subscriptions, meanwhile, contributed more than two-thirds of total revenues and grew faster than any other format, up 21% to $915 million.
Combined revenues from ad-supported on-demand streaming (including services like YouTube, Vevo, the free version of Spotify, and social media platforms) accounted for nearly a quarter of the total Latin music revenues in the US in 2023. Total Latin revenues from ad-supported services were up 10% YoY to $336 million
Elsewhere in the market, Latin music revenues generated by physical formats in the United States fell in 2023, with CD revenues down 49% YoY to $1.6 million and vinyl albums down 25% YoY to $7 million.
Vinyl accounted for less than 1% of Latin music revenues in the US, compared to 8% for the overall US recorded music market.
Increasing 5% YoY to $77 million, digital and customized radio services (such as Pandora, SiriusXM, and internet radio) accounted for 6% of the streaming revenues for Latin music in the US last year.
“Latin music has exploded in the U.S. over the last decade as a new generation of stars boosts the genre and streaming puts this dynamic sector at everyone’s fingertips.”
Rafael Fernandez Jr., RIAA
RIAA SVP, Public Policy & Latin Music Rafael Fernandez Jr said: “Latin music has exploded in the US over the last decade as a new generation of stars boosts the genre and streaming puts this dynamic sector at everyone’s fingertips.
“No longer limited by language, access or outdated assumptions – Latin artists are shaping our culture as fans gravitate towards the spirit of this music, propelling faster growth than all other listening and expanding our horizons further every year.
“At the same time, there are opportunities for more fans to subscribe to paid streaming services and Latin vinyl sales to spin up even higher, finding different ways of connecting and inspiring unforgettable moments together as artists and labels offer up new sounds and songs.”
“It’s incredible to see the impact this genre is having on the overall US market and the role streaming continues to play in helping fans connect as they discover new styles, artists and sounds.”
Matthew Bass, RIAA
Matthew Bass, RIAA VP, Research and Gold & Platinum Operations added: “It’s incredible to see the impact this genre is having on the overall US market and the role streaming continues to play in helping fans connect as they discover new styles, artists and sounds.
“And just as we’ve seen vinyl surge in the overall market, Latin music has plenty of space to expand even deeper into this traditional format with new highs undoubtedly yet to come.
“The consistent creative and commercial boom across Latin music is a testament to the ways vibrant partnerships and label expertise can help artists reach new heights with their creative vision and bring fans closer to the music than ever.”
