RIAA: U.S. LATIN MUSIC REVENUES REACH ALL-TIME HIGH

RIAA reports show that in 2023, U.S. Latin music reached an all-time high in revenues, growing 16% over 2022 to generate $1.4b. The genre's growth in the U.S. outpaced the overall market for the second consecutive year.

Adjusted for inflation, Latin music market revenues in 2023 are now 14% above the previous peak in 2005.

Streaming represented 98% of the genre’s total revenues and grew to $1.3b. Paid subscriptions grew faster than any other format, up 21% to $915m, as fans amplified support for their favorite artists on these platforms.

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

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 “No longer limited by language, access or outdated assumptions—Latin artists are shaping our culture as fans gravitate towards the spirit of this music, propelling faster growth than all other listening and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

See the full report here.