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Latin music revenues in the United States grew by 6% in 2024, exceeding $1 billion for a third consecutive year. This marks the ninth consecutive year that Latin music outpaced the overall growth of the U.S. music market, as the genre’s total share grew to 8.1% from 7.9% in 2023.
Although total revenue from Latin music continues to steadily increase year-over-year, it largely leveled off in 2024. The tally jumped from $1.1 billion in 2022 to nearly $1.4 billion in 2023, and in the RIAA‘s latest year-end Latin music report, total revenue was again $1.4 billion in 2024. Streaming made up 98% of that total, marking a 6% increase from the previous year (when streaming accounted for $1.3 billion, a 17% rise over 2022). This could indicate a broader trend of gradually declining streaming revenue across the overall market.
Making up nearly a quarter of the total value of Latin music at $354 million are the combined revenues from ad-supported on-demand streaming (including services like YouTube, Vevo, the free version of Spotify, and social media platforms) services, which is a significant share compared to the 10% for overall recorded music revenues. Total revenues from these services across Latin music were up 6% compared to 2023.
“With streaming delivering 98% of Latin revenues, we can see how the Latin music community’s embrace of innovation lets traditional stars and new generations reach fans like never before – breaking language and access barriers to more boldly shape America’s music future every year,” said Rafael Fernandez Jr., RIAA senior vice president, state public policy and Latin music.
As noted in RIAA’s full market annual report, paid streaming subscriptions hit 100 million users the first time ever. Paid subscriptions contribute more than two-thirds of total Latin revenues and grew faster than any other streaming format, up 6% to $967 million.
Physical formats were up 35% from 2022 and still have more room to grow, totaling only 1% of revenue while overall U.S. market saw vinyl surge to $1.4 billion – the highest it has been since 1984.
“There are still more opportunities to push the bounds of innovation, engaging superfans, expanding paid streaming and introducing vinyl nostalgia to this specific market,” noted Matthew Bass, RIAA VP, research and gold and platinum operations. “After nearly a decade rising and rising again, Latin music keeps surging across the U.S. and is only getting started!”
