Latin music revenue reached a record high of $685 million in the first half of 2024, according to the RIAA's interim Latin music report released Thursday (October 10). According to the analysis, Latin grew 7% compared to the first half of 2023, led by paid subscriptions, which account for two-thirds of US Latin revenue. Additionally, Latin music revenues in the first half of the year again grew faster than the overall recorded music market.
While the report doesn't specify which artists or genres are directly driving this mid-year record, the rise of Latin music may contribute to a number of artists fueling a movement. From Karol G to Peso Pluma, still riding high from a record 2023, and newcomers like Xavi, it's safe to say that a diverse collection of acts helped kick off another record-breaking year for Latin music.
“Latin music continues to soar – setting record revenues in the US as we report today and driving the culture forward around the world.” Michele BallantyneRIAA president and CEO said in a statement. “There's a reason Latin is the fastest growing genre on US streaming services. Fans just can't get enough of his undeniable energy, emotion, power and joy.”
The RIAA's interim report explains that paid streaming subscriptions contributed more than two-thirds of total revenue. Overall, paid subscriptions in the US reached a record average of 99 million in 2024 and accounted for 68% of total revenue for US Latin music. Combined revenues from ad-supported streaming services (including YouTube, Vevo, Spotify's free version and social media platforms) provide almost 25% of the total value of Latin music, compared to 10% for total revenue from recorded music.
Meanwhile, digital services (including paid and ad-supported streaming, internet radio options and digital downloads) delivered 98% of total Latin music revenue in the first half of 2024. Physical revenue saw growth, up 21 % compared to the same period in 2022.
“Latin music in the US continues to cross and reach new heights, now providing nearly 8% of total recorded music revenue in the country. “Strong growth across all major formats – including a doubling of physical revenue – has enabled Latin's diverse mix of innovative styles from new and established artists to fuel sustained momentum for over a decade,” he added. Matt BassRIAA vice president, research.
In April, the RIAA reported that, for the second year in a row, US Latin music revenue surpassed the $1 billion mark on the back of 16% growth that outpaced the overall market.
Featuring exclusive panels, conversations and performances by Latin music's biggest stars, Billboard's 35th anniversary Latin Music Week will take place October 14-18 in Miami. Buy tickets for Billboard Latin Music Week 2024 here.
