WASHINGTON, DC
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) today released a comprehensive revenue report 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.
The RIAA YEAR-END 2023 LATIN MUSIC REVENUE REPORT is available in English + Spanish.
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 No longer limited by language, access or outdated assumptions – Latin artists are shaping our culture as fans gravitate towards the spirit of this music, propelling faster growth than all other listening and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. 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.”
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.
Matthew Bass, RIAA VP, Research and Gold & Platinum Operations 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.”
Con un aumento del 5 % hasta $77 millones, los servicios de radio digital y personalizada (como Pandora, SiriusXM y la radio por internet) produjo el 6 % de los ingresos de streaming para la música latina.
Las descargas permanentes ($10 millones) y los formatos físicos ($8,4 millones) arrojaron el 1 % o menos de los ingresos latinos totales en 2023, con un descenso en los ingresos de los CD del 49 % y de los álbumes de vinilo del 25 %.
La música latina continúa siendo una parte importante de los ingresos totales de la música grabada en los EE. UU., obteniendo así popularidad y alcance cada año, a medida que surgen nuevas superestrellas y los espectáculos icónicos fortalecen su estatus.
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