RIAA Reports U.S. Latin Music Revenues Exceed $1 Billon

RADIO ONLINE | Tuesday, April 23, 2024

RIAA

Latin music revenues in the U.S. outpaced the overall market for a second consecutive time, hitting $1.4 billion and representing 16% growth over 2022. The Recording Industry Association of America (RIAA) released a revenue report on Tuesday capturing the ways fans listen and engage with the genre as it shapes culture and becomes more accessible due to increased streaming and creative partnerships.

RIAA SVP Public Policy & Latin Music Rafael Fernandez Jr. said, "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. No longer limited by language, access or outdated assumptions - Latin artists are shaping our culture as fans gravitate towards the spirit of this music, propelling faster growth than all other listening and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."

Previously noted in RIAA's full market annual report, streaming accounted for 84% of total revenues overall, hitting $14.4 billion and averaging 96.8 million paid subscriptions to on-demand services. That trajectory mirrors Latin Music where streaming delivered more than 98% of the genre's total revenues and grew to $1.3 billion. Paid subscriptions grew faster than any other format, up 21% to $915 million, as fans amplified support for their favorite artists on these platforms.

Making up nearly a quarter of the total value of Latin music at $336 million, combined revenues from ad-supported on-demand streaming such as YouTube, Vevo, free version of Spotify and social media captured a larger section than the overall market's 11% in this area.

RIAA VP Research and Gold & Platinum Operations Matthew Bass explained, "It's incredible to see the impact this genre is having on the overall U.S. 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."

Increasing 5% to $77 million, digital and customized radio services (such as Pandora, SiriusXM, and internet radio) produced 6% of the streaming revenues for Latin music.

Permanent downloads ($10 million) and physical formats ($8.4 million) yielded 1% or less of total Latin revenues in 2023 with CD revenues down 49% and vinyl albums down 25%.