Latin music revenue over $1 Billion for 2nd straight year

Latin music revenue in the United States has soared to a record high, surpassing $1 billion for the second consecutive year with a remarkable 16% growth rate, outpacing the overall music market. According to the RIAA’s 2023 year-end report, total revenue surged from $1.1 billion in 2022 to $1.4 billion in 2023, increasing the genre’s market share from 7.3% to 7.9%. This growth trend has been fueled by a new generation of Latin stars and the accessibility of streaming platforms.

Rafael Fernandez Jr., RIAA’s senior VP of public policy & Latin music, attributes this success to Latin music’s broad appeal, enabled by streaming services which have made it easily accessible regardless of language or cultural barriers. The mid-year report had already hinted at record-breaking revenues, propelled not only by established artists like Karol G but also by emerging acts in the música mexicana genre.

Streaming dominates Latin music revenue, accounting for 98% of total earnings, with paid subscriptions being the primary driver of growth. Ad-supported on-demand streams have also contributed significantly, underlining the importance of video content for Latin music fans. Revenue from digital services like Pandora and SiriusXM saw a modest increase, while permanent downloads experienced a decline.

Despite a slight increase in physical format sales in 2022, CDs and vinyl albums witnessed significant drops in revenue in 2023. Vinyl albums, although showing resilience compared to CDs, accounted for less than 1% of Latin music revenue in the U.S.

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