Latin music revenue hits $685M in 2024, driven by streaming growth and rising physical sales.
The Latin music industry in the U.S. has set a new record, bringing in $685 million in revenue for the first half of 2024.
According to a report from the Recording Industry Association of America (RIAA), Latin music is growing faster than the overall music market, although its growth rate has slowed a bit compared to last year.
In 2023, the industry grew by 15%, but this year’s growth is still strong at 7%. This marks the third year in a row that Latin music has grown faster than the general music market, showing that more people are tuning in.
Streaming services, where people listen to music online, continue to be the main reason for this growth. Subscriptions to streaming platforms, where fans pay for access to music, account for almost two-thirds of the money made.
- READ NOW: Justin Timberlake postpones concert due to injury, promises to reschedule and make it up to fans
Free, ad-supported services like YouTube, Vevo, Spotify’s free version, and social media apps also played a big role, growing 10% from last year. These free services bring in about 25% of Latin music revenue, which is more than double what they contribute to the overall U.S. music market.
“Latin music keeps reaching new heights,” said RIAA President Michele Ballantyne. “Fans love its energy, emotion, and joy, which is why it’s the fastest-growing genre on U.S. streaming services.”
Digital services, such as paid and free streaming, online radio, and digital downloads, made up 98% of Latin music revenues in the first half of 2024. This shows just how important online platforms are to the success of Latin music today.
Physical formats, like CDs and vinyl records, are also seeing a surprising comeback. Physical sales went up 21% compared to the same period two years ago. Vinyl records, in particular, saw a 21% increase in sales, bringing in $7 million. However, vinyl still makes up only 1% of total Latin music revenue, which is lower than the 9% share it holds in the overall music market.
This rise in vinyl is part of a larger trend, with the RIAA noting that overall vinyl sales in the U.S. hit $740 million by mid-2024, a 17% jump from last year.
Leading the charge in Latin music are familiar names like Bad Bunny and Karol G, who continue to dominate the charts. Additionally, Mexican music artists such as Peso Pluma, Fuerza Regida, Junior H, and Grupo Frontera are gaining more popularity and contributing to the growth of the genre.
The Latin music industry’s rapid growth highlights its increasing impact in the U.S. and around the world, with more people discovering and enjoying its unique sound.
News Source: VARIETY
