{"id":227963,"date":"2025-04-01T19:49:50","date_gmt":"2025-04-01T18:49:50","guid":{"rendered":"https:\/\/www.musicbusinessworldwide.com\/?p=227963"},"modified":"2025-04-01T20:32:23","modified_gmt":"2025-04-01T19:32:23","slug":"latin-musics-us-revenues-hit-1-42-billion-in-2024-up-5-8-yoy","status":"publish","type":"post","link":"https:\/\/www.musicbusinessworldwide.com\/latin-musics-us-revenues-hit-1-42-billion-in-2024-up-5-8-yoy\/","title":{"rendered":"Latin Music’s US revenues hit $1.42 billion in 2024, up 5.8% YoY"},"content":{"rendered":"MBW\u2019s Stat Of The Week is a series in which we highlight a data point that deserves the attention of the global music industry. Stat Of the Week is supported by\u00a0music data analytics firm\u00a0Chartmetric<\/a>.\r\n\r\n
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Latin Music has evolved from a regional phenomenon to a powerhouse recorded music revenue generator in the United States.<\/p>\n

New data published by the RIAA<\/strong> today (April 1) shows<\/span> that total revenues generated by Latin recorded music in the US reached a record $1.423 billion <\/strong>on a retail basis in 2024, surpassing the $1 billion<\/strong> mark for the third consecutive year.<\/p>\n

That was up 5.8% YoY<\/span><\/strong>, outpacing the wider US music market’s growth. The US recorded music industry as a whole was up<\/a> 3.3% YoY<\/span><\/strong><\/span> in 2024, to $17.67 billion.<\/span><\/strong><\/p>\n

According to the RIAA, adjusted for inflation, Latin Music revenues in the US were 18% above the previous peak in 2005.<\/p>\n

The growth in gross revenues generated by Latin Music in 2024 outpaced the overall US-recorded music revenue growth for the ninth<\/strong> consecutive year, but the pace of growth was slower than in the prior year when Latin Music revenues grew 16% YoY\u00a0<\/strong><\/a><\/span><\/p>\n

Latin Music revenues accounted for 8.1%<\/strong> of total recorded music revenue in the US last year, up from a market share of 7.9%<\/strong> of all recorded music revenue in the US in 2023 and 5.6%<\/strong> back in 2020 (see below)<\/p>\n

You can read the new report in full here<\/a>.<\/p>\n

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Streaming revenues accounted for 98%<\/strong> of all revenue generated by Latin music in the US. Latin music\u2019s revenue from streaming reached $1.395 billion<\/strong> in 2024, up 5.5% YoY.<\/strong><\/span><\/p>\n

The genre’s primary revenue driver in 2024 was paid subscriptions, which generated $966.5 million last year, up 6.1% YoY.<\/span><\/strong><\/p>\n

Combined revenues from ad-supported on-demand streaming (including services like YouTube, Vevo, the free version of Spotify, and social media platforms) were up 5.8<\/strong>% YoY, <\/strong><\/span>contributing $354 million<\/strong>, equivalent to nearly 25%<\/strong> of Latin music’s total streaming revenues.<\/p>\n

RIAA noted that this is more than double the 10%<\/strong> share that ad-supported streams represent across the overall US recorded music market.<\/p>\n

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As reported last month, in the US market as a whole, on-demand \u2018Paid\u2019 subscription platforms \u2013 like Spotify Premium, YouTube Music, Amazon Music Unlimited, and Apple Music \u2013 contributed $11.685 billion<\/strong>\u00a0to recorded music rightsholders, up\u00a04.6% YoY<\/strong>.<\/span><\/p>\n

Overall recorded music trade revenues from streaming in the United States grew by just 3.6% YoY<\/strong><\/span>\u00a0in 2024, up to\u00a0USD $14.88 billion<\/strong>.<\/p>\n

The US industry\u2019s overall streaming revenue performance in 2024 was dragged down by payouts from on-demand, ad-supported music services, including\u00a0YouTube<\/a><\/strong>\u00a0and\u00a0Spotify<\/a>\u2018s<\/strong>\u00a0\u2018freemium\u2019 tier.<\/p>\n

Combined, these platforms saw their revenue contribution to the recorded music industry\u00a0decline<\/em>\u00a0in the US last year, down\u00a01.8% YoY<\/strong><\/span>\u00a0to\u00a0$1.83 billion<\/strong>.<\/p>\n

The number of paid subscriptions to on-demand music services in the United States hit 100 million<\/strong> for the first time in history last year.<\/p>\n

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Other streaming formats saw mixed results. Digital and customized radio services (such as Pandora, SiriusXM, and internet radio) fell 3%<\/strong><\/span> to $75 million, making up 5%<\/strong> of streaming revenues.<\/p>\n

Permanent digital downloads also continued their decline, down 23.6% YoY<\/strong><\/span> to $7.6 million<\/strong>.<\/p>\n

While physical formats account for just 1.3%<\/strong> of Latin music revenue \u2014 much lower than the 11%<\/strong> share seen in the broader US market \u2014 they experienced a remarkable surge.<\/p>\n

According to RIAA’s report, total physical revenue nearly doubled, rising 95.4% YoY<\/strong><\/span> to $16.6 million<\/strong>, driven largely by the vinyl resurgence.<\/p>\n

Vinyl LP shipments alone grew 103% YoY<\/strong><\/span>, reaching $14 million<\/strong> in revenue.<\/p>\n

Revenues generated from CD sales grew 62.6% YoY,<\/span><\/strong> from $1.6 million<\/strong> in 2023 to $2.6 million<\/strong> in 2024.<\/p>\n

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In January, market monitor Luminate reported<\/a> in its Year-End music report for 2024 that Regional Mexican music was driving Latin\u2019s growth in the US last year and is now the largest Latin Subgenre in the market.<\/p>\n

IFPI revealed<\/a> in its global music report last month that Mexico overtook Australia last year to become the world\u2019s tenth-largest\u00a0recorded music market,<\/p>\n

Recorded music revenues in\u00a0Latin America<\/strong>\u00a0rose by\u00a022.5%<\/strong><\/span> in 2024 according to IFPI, once again outpacing the global growth rate and marking the region’s 15th consecutive year of growth.<\/p>\n

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<\/figure>\u201cI\u2019m heartened by the continued explosive popularity of Latin music across the US as artists and labels forge new ways to connect with fans.<\/p>\n

Rafael Fernandez Jr, RIAA<\/span><\/p>\n<\/blockquote>\n

\u201cI\u2019m heartened by the continued explosive popularity of Latin music across the US as artists and labels forge new ways to connect with fans,” said RIAA Senior Vice President, State Public Policy & Latin Music Rafael Fernandez Jr, who was recently named a Trustee on the Latin Grammy Board of Directors for his impact on the genre.<\/p>\n

“With streaming delivering 98% of Latin revenues, we can see how the Latin music community\u2019s embrace of innovation lets traditional stars and new generations reach fans like never before \u2013 breaking language and access barriers to more boldly shape America\u2019s music future every year.\u201d<\/p>\n

Matthew Bass, RIAA Vice President, Research and Gold & Platinum Operations added: \u201cThere are still more opportunities to push the bounds of innovation, engaging superfans, expanding paid streaming and introducing vinyl nostalgia to this specific market. After nearly a decade rising and rising again, Latin music keeps surging across the US and is only getting started!\u201d<\/p>\n

\u201cLatin music has become a dominant force in American music with consistent revenue growth as new artists attract listeners, top more charts and shape culture faster than any other genre.”<\/p>\n

Matthew Bass, RIAA<\/span><\/p><\/blockquote>\n

Bass continued: \u201c Latin music has become a dominant force in American music with consistent revenue growth as new artists attract listeners, top more charts and shape culture faster than any other genre.<\/p>\n

“Yet there are still more opportunities as artists and their labels explore collaborations that push the bounds of innovation, engaging superfans, expanding paid streaming and introducing vinyl nostalgia to this specific market. After nearly a decade rising and rising again, Latin music keeps surging across the US and is only getting started! \u201d<\/p>\n

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<\/a><\/figure>Chartmetric<\/a> is the all-in-one platform for artists and music industry professionals, providing comprehensive streaming, social, and audience data for everyone to create successful careers in music.<\/em><\/span><\/strong>\n","protected":false},"excerpt":{"rendered":"

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