Latin music brought in more than $1 billion in 2022
Latin music recorded in the United States also saw a major jump in revenue compared to past years.
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The Recording Industry Association of America (RIAA) released a report yesterday highlighting a 24% annual increase for the Latin music market in the United States.
Rafael Fernández, RIAA's senior vice president of state public policy and industry relations, stated:
When Bad Bunny’s Un Verano Sin Ti became the first non-English language album to ever top the Billboard 200 or [when] Becky G, Daddy Yankee, Jhay Cortez, Karol G, Luis Miguel, Rosalia and Sofía Reyes hit the mainstream, it was clear Latin music’s hot streak was just lighting up.
The RIAA highlighted that in 2022, Latin music revenues in the U.S. totaled $1.1 billion, just 3% below the all-time high of 2005, while the share of total music revenues U.S.-recorded Latino music reached an all-time high of 6.9%, up from 5.9% in 2021.
“That sustained expansion speaks to an openness to new artists, music and ways of listening,” added Fernández.
- According with the report, the majority of Latin music revenues came almost entirely from streaming, at 97%, growing 25% from the previous year to $1.06 billion. Paid subscriptions accounted largely for the growth, making up 71% of the overall streaming revenues and outpacing other digital formats.
- Ad-supported on-demand streams from platforms like YouTube, Vevo and Spotify's free version saw an annual increase of 24% to $230 million, indicating a double-digit growth for the category.
- Revenues decreased 5% to $73 million in customized radio services like internet radio, Pandora and SiriusXM. The category accounts for 7% of overall streaming revenues.
- Latin music also saw decreases in permanent downloads in 2022 as it decreased by 15% from the previous year.
- Despite contributing a small portion of revenue, CD and vinyl formats saw significant increases in 2022 — up 60% to $3.1 million for CD revenues and up 67% to $9.1 million for vinyl albums.
- Overall, the share of U.S. recorded music revenues from Latin music reached an all-time high of 6.9%, a 1% increase from 2021.
“As the son of Cuban immigrants, my first musical memories are those of Latino origin, from Lalo Rodrigues to Eddie Ruiz, so it is truly wonderful to see this genre go so far, which defined me so much in childhood and throughout my career. dedicated to connecting policy makers to support culture,” concluded Fernández.
To see the full report, click here.