Latin Music Revenue Hits $1.4 Billion in Second Year as the Fastest Growing U.S. Market, Per RIAA Report
Latin music revenue in the United States outpaced the general music market for a second consecutive year, hitting a new high of $1.4 billion and representing 16% growth over 2022. The Recording Industry Association of America (RIAA)’s 2023 U.S. Latin Music Revenue Report found the Latin music industry has continued to steadily increase in market share for the entire U.S. market, up to a new peak of 7.9%.
“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,” said RIAA Senior Vice President of Public Policy and Latin Music, Rafael Fernandez Jr.
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Among those new artists are Karol G, who made history in 2023 becoming the first Latina woman to top the Billboard 200 with an all-Spanish-language album (“Mañana Será Bonito” in February, 2023). The record won her album of the year at the Latin Grammys, as well as best urban album at the Anglo Grammys — the first woman to win the latter. Peso Pluma similarly made history on the Billboard 200, claiming the highest-charting música Mexicana album to top the list — “Genesis” peaked at No. 3.
Streaming continues to be the dominant listening experience for Latin music fans, and the general market (per the RIAA’s general annual report) overall, accounting for more than 98% of Latin music revenues and growing up to $1.3 billion, up 17% over 2022. Paid subscriptions contributed more than two thirds of total revenues and grew faster than any other platform, up 21% to $915 million.
Combined revenues from services like YouTube, Vevo, the free version of Spotify, and social media platforms are nearly a quarter of the total value of the Latin market. That outpaces the overall market where ad-supported streaming provides 11% of recorded music revenues.
Digital and customized radio services such as Pandora, SiriusXM, and internet radio produced 6% of the streaming revenues for Latin music while permanent downloads and physical formats yielded 1% or less of total revenues in 2023 with CD sales down 49% and vinyl albums down 25%.
Fernandez Jr. adds, “No longer limited by language, access or outdated assumptions – Latin artists are shaping our culture as fans gravitate towards the spirit of this music, propelling faster growth than all other listening and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. At the same time, there are opportunities for more fans to subscribe to paid streaming services and Latin vinyl sales to spin up even higher, finding different ways of connecting and inspiring unforgettable moments together as artists and labels offer up new sounds and songs.”
Matthew Bass, RIAA VP of research and gold and platinum operations, said: “It’s incredible to see the impact this genre is having on the overall U.S. market and the role streaming continues to play in helping fans connect as they discover new styles, artists and sounds. And just as we’ve seen vinyl surge in the overall market, Latin music has plenty of space to expand even deeper into this traditional format with new highs undoubtedly yet to come. The consistent creative and commercial boom across Latin music is a testament to the ways vibrant partnerships and label expertise can help artists reach new heights with their creative vision and bring fans closer to the music than ever.”
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