Photo Credit: RIAA
US-based Latin music revenues reached an unprecedented $1.1 billion in 2022 with a 6.9% market share, according to a new report from the RIAA.
The Recording Industry Association of America (RIAA) reported that Latin music revenues in the US flourished at an exceptional rate in 2022, with a 24% increase that totaled an unprecedented $1.1 billion. The annual review also highlights a 6.9% market share — an all-time high for the genre. Streaming remains the primary vehicle driving Latin music revenues at $1.06 billion (97%).
“When Bad Bunny’s Un Verano Sun Ti became the first non-English language album ever to top the Billboard 200, or Becky G, Daddy Yankee, Jhay Cortez, Karol G, Luis Miguel, Rosalía, and Sofía Reyes hit the mainstream, it was clear Latin music’s hot streak was just lighting up,” says Rafael Fernandez Jr., RIAA SVP, State Public Policy & Industry Relations.
“US Latin music revenues in 2022 exceeded $1 billion for the first time and grew significantly faster than the broader industry. That sustained expansion speaks to an openness to new artists, music, and ways of listening.
“As the son of Cuban immigrants, my earliest musical memories are that of Latin origins from Lalo Rodrigues to Eddie Ruiz, so to see this genre that was so defining for me early on and throughout my career connecting policymakers to support the culture, reaching these heights is truly remarkable.”
Photo Credit: RIAA
Paid subscriptions tallied 71% of streaming revenues at $758 million. In contrast, ad-supported on-demand streams like YouTube, Vevo, and the free version of Spotify marked a second year of double-digit growth at 24%. Meanwhile, revenues from digital and customized services like Pandora, SiriusXM, and Internet radio decreased by 5%. Permanent downloads also fell by 15%.
Vinyl accounted for slightly less than 1% of Latin music, but the format still grew significantly at $9.1 million — mirroring the decade-plus resurgence which has amplified total US revenues.
There is evident demand across the US for Latin music. The RIAA’s recent report reflects Latin artists and their labels’ sustained knack for connecting fans through the universal language of music.