Latin music revenue surpassed $1 billion in revenue in the U.S. for the third consecutive year, the RIAA confirmed in its 2024 year-end latin music report released Tuesday, hitting a new all-time high of $1.4 billion last year.
Growth slowed to 6 percent last year, a considerable drop off from last year’s report, where Latin posted a 16 percent year-over-year bump. That’s in line with the broader U.S. market trends as streaming revenues level off with the market much more saturated than when the streaming boom began. As the RIAA’s broader year-end report showed, overall U.S. market revenues grew just 3 percent last year compared to eight percent the year prior.
Still, the report confirms that for the ninth year in a row, Latin growth is outpacing the broader U.S. market, reflecting Latin’s continued surge thanks to superstars like Bad Bunny and Peso Pluma. Streaming remains by far the most crucial for Latin, making up 98 percent of the market’s revenue last year, per the RIAA. Paid subscription growth hit nearly $967 million last year, a 6 percent increase from 2023.
“I’m heartened by the continued explosive popularity of Latin music across the US as artists and labels forge new ways to connect with fans,” Rafael Fernandez Jr., the RIAA’s senior vice president of state public policy and Latin music, said in a statement. “With streaming delivering 98 percent of Latin revenues, we can see how the Latin music community’s embrace of innovation lets traditional stars and new generations reach fans like never before – breaking language and access barriers to more boldly shape America’s music future every year.”
Like in the broader U.S. market, digital downloads continue to plummet in Latin, dropping nearly 24 percent last year. On the other end, physical revenues nearly doubled from $8.5 million to $16.6 million, the report said, though physical represents only about 1 percent of Latin’s overall revenue. Matthew Bass, the RIAA’s vice president of research and gold and platinum operations said in a statement that there remains room in Latin for “introducing vinyl nostalgia to this specific market.”
“After nearly a decade rising and rising again, Latin music keeps surging across the US and is only getting started,” Bass said.
Source: Hollywoodreporter
