If you've been feeling that Latin Music is everywhere at the moment, now you have the numbers to back that statement up. The Recording Industry Association of America just released its annual report revealing that the genre generated $1.4 billion in 2023, a 16% increase in revenue from 2022 and a new all-time high.
"Latin music in the U.S. has increased in popularity and value over the last eight years, outpacing overall recorded music each year across this period of strong growth," RIAA's report states. "Adjusted for inflation, Latin music market revenues in 2023 are now 14% above the previous peak in 2005."
According to the report, the total recorded music revenues in the United States grew by 8% in 2023, reaching an estimated $17.1 billion. The share of Latin Music in the total music revenues in the country has increased from 5.09% in 2019 to 7.9% in 2023.
Streaming is by far the dominant choice among Latin Music consumers, accounting for over 98% of total revenues, which reached $1.32 billion in 2023. Paid subscriptions contributed to more than two thirds of the total revenue and grew faster than any other format, with a nearly 21% increase.
The RIAA report also highlighted other revenue sources. Latin music revenues from digital radio services such as Pandora, Sirius XM, and internet radio grew by 5% in the past year, reaching $77 million, which represents 6% of streaming revenues. Physical formats, on the other hand, declined. CD revenues dropped by 49% and vinyl album revenues decreased by 25%. These two formats accounted for less than 1% of Latin music revenues in the U.S.
In a statement, RIAA Senior VP, Public Policy & Latin Music Rafael Fernandez Jr. analyzed the current success of Latin Music at the moment:
"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 No longer limited by language, access or outdated assumptions, Latin artists are shaping our culture as fans gravitate towards the spirit of this music, propelling faster growth than all other listening and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."
Back in November, Spotify released its 2024 Spotify Wrapped, revealing just how much of an impact Latino artists are having on listeners in the U.S. and the rest of the world. The Top 10 Global Artists of 2023 featured three Latino musicians, with Bad Bunny in second place, Peso Pluma in fifth and KAROL G at number 9. The three of them are also featured on the Top 10 Global Albums list, which was led by Bad Bunny's.
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