Latin Music Revenue Sets Mid-Year Record High, RIAA Reports
Latin music revenue hit a record high of $685 million in the first half of 2024, according to the RIAA’s mid-year Latin music report released Thursday (Oct. 10). According to the analysis, Latin increased 7% compared to the first half of 2023, led by paid streaming subscriptions, which account for two-thirds of U.S. Latin revenue. Furthermore, Latin music revenues in the first half of the year once again grew faster than the overall recorded music market.
While the report doesn’t specify which artists or genres are directly driving this mid-year record high, Latin music’s bump can be a contributed to a number of artists who are fueling a movement. From Karol G to Peso Pluma, who are still riding high from a historic 2023, and newcomers like Xavi, it’s safe to say that a diverse collective of acts have helped usher another record year for Latin music.
“Latin music keeps soaring to new heights — setting US revenue records as we report today and driving the culture forward across the globe,” Michele Ballantyne, RIAA president & chief operating officer, said in a statement. “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.”
The RIAA’s mid-year report explains that paid streaming subscriptions contributed more than two-thirds of total revenues. Overall, U.S. paid subscriptions reached a record average of 99 million in 2024 and delivered 68% of total revenues for US Latin music. Combined revenues from ad-supported, on-demand streaming services (including YouTube, Vevo, the free version of Spotify and social media platforms) provide nearly 25% of the total value of Latin music, compared to 10% for overall recorded music revenues.
Meanwhile, digital services (including paid and ad-supported streaming, online radio options, and digital downloads) provided 98% of total Latin music revenues in the first half of 2024. Physical revenues experienced a growth, up 21% compared to the same period in 2022.
“Latin music in the US continues to break through and reach new heights, now providing nearly 8% of total recorded music revenues in the country. Strong growth across all major formats — including a doubling of physical revenues — has enabled Latin music’s diverse mix of new and established artists’ innovative styles to fuel sustained momentum for over a decade,” added Matt Bass, RIAA vice president, research.
In April, the RIAA reported that, for a second year in a row, Latin music revenues in the U.S. had exceeded the $1 billion mark on the wings of 16% growth that outpaced the overall market.
The 35th anniversary Billboard Latin Music Week, which will feature exclusive panels, conversations and performances by Latin music’s biggest stars, will take place Oct. 14-18 in Miami. Purchase tickets to the 2024 Billboard Latin Music Week here.
