Home / Business and Economy / Latin Music Hits $490M in US Revenue, Streaming Dominates
Latin Music Hits $490M in US Revenue, Streaming Dominates
17 Oct
Summary
- Latin music revenue up 6% in first half of 2024
- 98% of Latin revenue from streaming, paid subscriptions up 11.2%
- Latin music now 8.8% of total US music revenue
According to the latest data from the Recording Industry Association of America (RIAA), Latin music has experienced a remarkable surge in the United States. In the first half of 2024, the genre generated $490.3 million in revenue, marking a 6% increase from the previous year.
This growth is part of a larger trend, as Latin music has now seen 12 consecutive years of revenue increases. The genre now accounts for 8.8% of the total music revenue in the US, solidifying its position as a major force in the industry.
The driving force behind this success is the continued popularity of streaming. A staggering 98% of Latin music revenue came from streaming services, with paid subscription revenue seeing an 11.2% growth. The number of accounts listening to Latin music also rose to 105 million, up from the previous year.
While streaming dominates, Latin music did see a 25% drop in vinyl and other physical sales, declining from $5.5 million in 2023 to $4.1 million in 2024. Nevertheless, the overall trajectory of the genre remains firmly upward, as it continues to captivate audiences across the country.
