The Recording Industry Association of America® (RIAA) today released mid-year data showing continued strong growth in US Latin music revenues and setting another all-time record at $685 million. Latin increased 7% compared to the first half of 2023, led by paid streaming subscriptions, which account for two-thirds of US Latin revenues.
RIAA’s recently elevated President & Chief Operating Officer Michele Ballantyne celebrated the news. “Latin music keeps soaring to new heights – setting US revenue records as we report today and driving the culture forward across the globe. There’s a reason Latin is the fastest-growing genre on US streaming services. Fans just can’t get enough of its undeniable energy, emotion, power and joy.
”Ad-supported, on-demand streaming services (including YouTube, Vevo, the free version of Spotify and social media platforms) were also hot in the first half of this year, growing 10% over first half of 2023 and providing a quarter of overall US Latin recorded music revenues, more than double the share these services provide in the overall market.
Digital services (including paid and ad-supported streaming, online radio options, and digital downloads) provided 98% of total Latin music revenues in the first half of 2024. But physical revenues are showing fast, sustained growth, up 21% compared to the same period in 2022 as the market continues to diversify.US Latin music remains a standout performer as revenues in the first half of 2024 again grew faster than the overall recorded music market.
