The RIAA reveals new data that US-based Latin music revenues increased 15%, with streaming driving growth and accounting for 98% of recorded revenues.
Last week, the Recording Industry Association of America (RIAA) released a general US music mid-year revenue report. Today, the RIAA followed it up with genre-specific data, revealing that US-based Latin music revenues increased 15% to a record high of $627 million — with streaming once again providing the lion’s share of growth, accounting for 98% of recorded revenues. Setting the pace for this week’s genre-specific data, the RIAA celebrated Latin music legends and leaders at the annual RIAA Honors celebration last week.
Streaming’s growth continued in the first half of 2023, with paid subscriptions reaching $431 million and comprising over two-thirds of total revenues.
Ad-supported on-demand music streaming services (the free version of Spotify, YouTube, and social media platforms) comprised a larger percentage of Latin music than the US overall — with 23% vs 10%, a flat year-over-year $148 million reflecting the broader economic hurdles in the advertising market.
“US Latin music revenues reached an all-time high in 2022, and the growth has continued mid-year into 2023. This has been driven by both the vitality of classic hits and chart-topping new releases that have influenced broader culture and society,” says RIAA SVP, State Public Policy & Industry Relations, Rafael Fernandez, Jr.
“This sustained passion for Latin music was at the heart of this year’s RIAA Honors, which celebrated Icon Gloria Estefan and Artist of the Year Sebastián Yatra, alongside policymakers and executives who came together to tell an All-American story about the power of diversity and new voices in music, politics, and communities across the country,” Fernandez continues.
Following a 5% dip in 2022, revenues from digital and customized radio services like Pandora, SiriusXM, and internet radio platforms grew 13% to $36 million, making up 6% of total Latin music revenues. Permanent downloads and physical formats were each less 1% of total revenues with $4.8 million and $4.7 million respectively, down 21% and 37% in the first half of 2023.
Latin music remains a robust part of the overall US recorded music revenues with a new high at 7.5% of the market share in the first half of the year.