Latin Music Revenue Reaches Over $1 Billion

The Recording Industry Association of America released a report this week showing that for the first time ever, Latin music revenue exceeded $1 billion in 2022. This included a 24% annual increase, more than any other area of the industry.

RIAA’s SVP of state public policy and industry relations, Rafael Fernandez, spoke on this trend, giving a laundry list of popular Latin music artists that helped make this growth possible: “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 report shows that streaming accounted for 97% of Latin music revenues, and that paid subscriptions also contributed significantly to the growth. Platforms such as YouTube and Spotify Free had an annual increase of 24%, bumping up to $230 million and showing major growth for the category of Latin music. Customized internet radio services, like Pandora, and permanent downloads saw slight decreases, but nothing too harmful to revenue overall.

Latin music’s contribution to recorded music sales in the US reached a record high of 6.9%, up 1% from 2021. Streaming has clearly changed the way that we consume media and music. Fernandez said it best when he said, “that sustained expansion speaks to an openness to new artists, music and ways of listening.”

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