Latin music continues to be one of the recording industry's biggest success stories.
The total revenue generated by Latin Music in the United States was surpassed 1 billion USD for the second consecutive year in 2023, reaching 1.4 billion USD.
That's according to the Recording Industry Association of America (RIAA), released its year-end Latin Music Report today (April 23) for the world's largest recorded music market.
The report shows that on a retail basis (amounts spent on streaming subscriptions as well as physical and digital music), Latin music revenue grew 16% YoY in the US by 2023, far ahead of the overall market. According to RIAA's 2023 Year-End report for the broader US market, published in March, recorded music sales in the US increased 8% YoY.
According to RIAA data, Latin Music has 7.9% share of the total U.S. recorded music industry by 2023.
Previously noted in the RIAA's annual full market report, streaming accounts for 84% total revenue in the US last year, reached 14.4 billion USD and average 96.8 million Paid subscription for on-demand services.
According to the RIAA's Latin Music year-end report released today, streaming accounts for over 98% Latin Music revenue in the United States in 2023 (increase 17% YoY ARRIVE 1.3 billion USD).
Meanwhile, paid subscriptions contribute more than two-thirds of total revenue and are growing faster than any other format, increasing 21% ARRIVE 915 million USD.
Total revenue from ad-supported on-demand streaming (including services like YouTubeVevo, the free version of Spotifyand social media platforms) account for nearly a quarter of total Latin music revenue in the United States in 2023. Total Latin revenue from ad-supported services increased 10% by year ARRIVE 336 million USD
Elsewhere in the market, Latin music revenues generated by physical formats in the US fell in 2023, with CD revenues falling. 49% YoY ARRIVE 1.6 million USD and vinyl albums down 25% by year ARRIVE 7 million USD.
Vinyl takes up less first% Latin music sales in the US, compared 8% for the overall US music market.
Ascending 5% by year ARRIVE 77 million USDdigital and custom radio services (such as Pandora, SiriusXMand internet radio) accounts for 6% of Latin music streaming revenue in the US last year.
“Latin music has exploded in America over the past decade as a new generation of stars drives the genre and streaming puts this dynamic field within everyone's reach.”
Rafael Fernandez Jr., RIAA
RIAA SVP, Public Policy & Latin Music Rafael Fernandez Jr. said: “Latin music has exploded in America over the past decade as a new generation of stars propelled the genre and streaming brought the field to a dynamic This is within everyone's reach.
“No longer limited by language, access or outdated assumptions – Latin artists are shaping our culture as fans are drawn to the spirit of this music, driving growing faster than all other listening activities and expanding our horizons further every year.
“At the same time, there are opportunities for more fans to subscribe to premium streaming services and Latin vinyl sales to grow even more, finding different ways to connect and inspire other unforgettable moments together as artists and labels deliver new sounds and songs.”
“It's been incredible to see the impact this genre has had on the overall market in the US and the role streaming continues to play in helping fans connect as they discover styles, artists and sounds. new bar.”
Matthew Bass, RIAA
Matthew Bass, RIAA Vice President, Gold & Platinum Research and Operations added: “It is incredible to see the impact this category has had on the US market as a whole and the role the feature plays. Streaming continues to play a role in keeping fans connected as they discover new styles, artists, and sounds. .
“And just as we have seen a spike in vinyl in the overall market, Latin music has a lot of room to expand even deeper into this traditional format with new heights definitely not there yet.
“The consistent creative and commercial explosion across the Latin music scene is a testament to how vibrant partnerships and record label expertise can help artists reach new heights with their creative vision and bringing fans closer to the music than ever before.”
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