Seville, Spain. Photo Credit: Jebulon
The Latin Recording Academy is having a major economic impact in Spain – to the tune of about $225 million generated since 2023 alone, according to newly released data.
That data comes from self-described “global communications and corporate affairs company” ATREVIA, which conducted the underlying Economic and Reputational Impact Study between 2023 and the current year.
2023 is also when the Latin Recording Academy took the Latin Grammys outside the States for the first time by staging the award show in Seville, Andalusia, Spain. And since then, the Latin Academy’s recorded “three consecutive years of presence” in the European nation.
All told, the Latin Academy’s 2023-25 economic impact in Spain came in at about $225 million (or north of €195 million), according to the report.
Therein, the straight economic impact reached $111.1 million/€96.3 million, and a $113.9 million/€98.7 million “reputational impact” (referring in part to “international media exposure,” including “projected future tourism”) elevated the total to the headline €195 million.
Pushing the latter higher yet, an $8.7 million (€7.5 million) “public revenue impact,” besides “1,360 jobs created in total,” resulted from the Latin Academy’s efforts as well, per the breakdown.
Beyond these hard figures, the Latin Grammys organizer further emphasized its (and its namesake cultural foundation’s) “commitment to fostering emerging talent and music education.” In Spain, this commitment has taken the form of the Latin Grammy in the Schools program, the Prodigy Scholarship, the Paco de Lucía Legacy Scholarship, and more, the entity reiterated.
“The Latin Recording Academy has strengthened its commitment to Spain and to Andalucía as a strategic platform in Europe for promoting Latin music on an international level,” added Latin Recording Academy CEO Manuel Abud. “The economic and social impact generated over these three years proves that culture is a driving force for development, talent and opportunity.”
Admittedly, a bit of debate is unavoidable when attaching dollar amounts to media exposure. Turning back the clock, should the value assigned to the “Dreams” TikTok trend begin and end with streaming revenue and sales growth? What about the introduction to a new generation of fans – and the adjacent fact that Fleetwood Mac’s Mick Fleetwood, Lindsey Buckingham, Stevie Nicks, and Christine McVie closed catalog deals in late 2020 and 2021?
Exact numbers aside, the impact of the Grammys and associated programs is worth bearing in mind as the Academy plots other international outings – like next year’s planned “Grammy House Giza.”
More immediately, the 26th Latin Grammys will take place in Las Vegas one week from today. Encompassing a one-hour pre-show and a three-hour TelevisaUnivision telecast, the event is expected to feature performances from somewhere in the ballpark of 30 artists – among them Bad Bunny, Karol G, Marco Antonio Solís, Raphael, Kacey Musgraves, and Carlos Santana.
