The U.S Latin recorded-music industry posted record revenue of $685 million, marking significant growth in physical sales and strong streaming numbers, according to the RIAA’s mid-year Latin music report. This is the third consecutive mid-year report from the RIAA to show Latin music revenue is growing faster that of the general music market. The U.S. Latin music industry’s mid-year growth increased by 7%, or less than half of its 15% mid-year growth in 2023.
According to the report released Tuesday morning, streaming subscriptions continue to drive U.S. Latin revenue, account for two-thirds of its record-breaking total this year. Ad-supported, on-demand streaming services (including YouTube, Vevo, the free version of Spotify and social media platforms) also grew 10% in the first half of this year compared to 2023. These serves also account for a quarter of overall U.S. Latin recorded music revenues, more than double the share these services provide in the general market.
“Latin music keeps soaring to new heights – setting US revenue records as we report today and driving the culture forward across the globe. There’s a reason Latin is the fastest-growing genre on US streaming services. Fans just can’t get enough of its undeniable energy, emotion, power and joy,” said RIAA’s President and CEO Michele Ballantyne in a statement.
Elsewhere in the report, digital services (including paid and ad-supported streaming, online radio options, and digital downloads) are said to have provided 98% of total Latin music revenues in the first half of 2024.
Notably, physical revenues are up 21% compared to the same period in 2022. CD revenues increased by 21% to $2 million, and vinyl albums up 21% to $7 million over a two-year period. Vinyl accounted for 1% of 2024 Latin music revenues in the U.S., compared to 9% for the overall market. This follows the RIAA’s August-issued U.S. recorded music mid-year report that claimed vinyl has grown 17% year-over-year, racking up $740 million at mid-year.
Some of the top-selling albums of 2024 so far are claimed by regular chart-toppers including Bad Bunny and Karol G, with an influx of música mexicana acts — Peso Pluma, Fuerza Regida, Junior H and Grupo Frontera — also joining the ranks.
Read the full article here
