It’s no secret that Latin Music has develop into an enormous a part of the US music trade (to not point out the music trade in lots of different international locations as nicely).
In 2022, Latin Music revenues within the US surpassed the USD $1 billion mark for the primary time, and in 2023, they hit a brand new report at round $1.4 billion.
This yr, Latin Music might simply set a brand new annual report as soon as once more.
Based on new information from the RIAA‘s Mid-Yr 2024 Latin Music Income Report, US Latin Music revenues jumped 7.3% YoY within the first half of 2024, to $685.5 million, setting an all-time first-half report.
You possibly can learn the report in full, right here.
“Latin music within the US continues to interrupt via and attain new heights, now offering practically 8% of complete recorded music revenues within the nation,” mentioned Matt Bass, Vice President of Analysis/Gold and Platinum Operations at RIAA.
“Sturdy development throughout all main codecs – together with a doubling of bodily revenues – has enabled Latin music’s numerous combine of latest and established artists’ modern types to gas sustained momentum for over a decade.”
Latin Music held a 7.9% share of total recorded music revenues within the US in H1 2024, up barely from 7.5% in H1 2023, and the identical share as for 2023 as an entire.
Based on the RIAA’s midyear report printed in August, the US recorded music market total generated USD $8.65 billion in H1 – up 3.9% YoY.
Not surprisingly, paid streaming subscriptions had been the most important income contributor. At $468.1 million, they accounted for 68% of Latin Music’s US revenues in H1.
But it surely’s in ad-supported streaming the place Latin Music is especially over-represented. Revenues from free music providers rose 10.2% YoY, to $166.3 million, amounting to a few quarter of all revenues. That share is two-and-a-half instances greater than the 10% that ad-supported brings for all recorded music income.
“Sturdy development throughout all main codecs – together with a doubling of bodily revenues – has enabled Latin music’s numerous combine of latest and established artists’ modern types to gas sustained momentum for over a decade.”
Matt Bass, RIAA
Gross sales of bodily media doubled in H1 2024, to $9.0 million from $4.5 million the yr earlier than, with development in each CDs and vinyl. Nevertheless, bodily stays a significantly smaller a part of the Latin music market than the general recorded music market, accounting for 1% of gross sales, versus 9% for the market total.
Regardless of their over-representation in ad-supported streaming, Latin Music followers appear to be keen to shell out extra to assist their favourite artists.
Based on a 2023 report from market monitor Luminate, latin superfans spend 30% extra on music consumption than different superfan communities within the US.
“There’s a cause Latin is the fastest-growing style on US streaming providers. Followers simply can’t get sufficient of its plain vitality, emotion, energy and pleasure.”
Michele Ballantyne, RIAA
And whereas the style has made nice strides within the US in recent times, it has completely dominated music in Latin American international locations.
Based on a report from Spotify earlier this yr, Spanish-language music accounted for 87% of music streams in Colombia in 2023, 88% of streams in Mexico, and 94% in Argentina, the place it was simply 25% a decade earlier.
Spotify mentioned the variety of Latin Music listeners on its service jumped 986% from 2014 to 2023 – although it’s essential to notice that Spotify’s complete subscriber base additionally grew quickly throughout that interval.
“Latin music retains hovering to new heights – setting US income data as we report right this moment and driving the tradition ahead throughout the globe,” RIAA President and COO Michele Ballantyne mentioned.
“There’s a cause Latin is the fastest-growing style on US streaming providers. Followers simply can’t get sufficient of its plain vitality, emotion, energy and pleasure.”
Music Enterprise Worldwide
