Latin Music Thrives in the US, Generating $1.4 Billion in Recorded Music Revenue, Up 16% YoY
Latin music in the United States is thriving, with recorded music revenue reaching $1.4 billion in 2023, marking a 16% increase from the previous year. This growth underscores Latin music's significant contribution to the industry, driven primarily by streaming services which accounted for over 98% of total revenues. Paid subscriptions saw substantial growth, while ad-supported streaming also made a significant contribution. Despite declines in physical format sales, Latin music continues to expand its presence, with opportunities for further growth in both streaming and traditional formats like vinyl. RIAA executives highlighted the genre's transformative impact and emphasized its potential for continued expansion and deeper fan engagement.