Latin music income hit a report excessive of $685 million within the first half of 2024, in accordance with the RIAA’s mid-year Latin music report launched Thursday (Oct. 10). In keeping with the evaluation, Latin elevated 7% in comparison with the primary half of 2023, led by paid streaming subscriptions, which account for two-thirds of U.S. Latin income. Moreover, Latin music revenues within the first half of the yr as soon as once more grew sooner than the general recorded music market.
Whereas the report doesn’t specify which artists or genres are immediately driving this mid-year report excessive, Latin music’s bump generally is a contributed to numerous artists who’re fueling a motion. From Karol G to Peso Pluma, who’re nonetheless using excessive from a historic 2023, and newcomers like Xavi, it’s secure to say {that a} numerous collective of acts have helped usher one other report yr for Latin music.
“Latin music retains hovering to new heights — setting US income data as we report as we speak and driving the tradition ahead throughout the globe,” Michele Ballantyne, RIAA president & chief working officer, stated in a press release. “There’s a cause Latin is the fastest-growing style on US streaming providers. Followers simply can’t get sufficient of its plain vitality, emotion, energy and pleasure.”
The RIAA’s mid-year report explains that paid streaming subscriptions contributed greater than two-thirds of complete revenues. Total, U.S. paid subscriptions reached a report common of 99 million in 2024 and delivered 68% of complete revenues for US Latin music. Mixed revenues from ad-supported, on-demand streaming providers (together with YouTube, Vevo, the free model of Spotify and social media platforms) present practically 25% of the full worth of Latin music, in comparison with 10% for general recorded music revenues.
In the meantime, digital providers (together with paid and ad-supported streaming, on-line radio choices, and digital downloads) offered 98% of complete Latin music revenues within the first half of 2024. Bodily revenues skilled a progress, up 21% in comparison with the identical interval in 2022.
“Latin music within the US continues to interrupt by way of and attain new heights, now offering practically 8% of complete recorded music revenues within the nation. Sturdy progress throughout all main codecs — together with a doubling of bodily revenues — has enabled Latin music’s numerous combine of recent and established artists’ revolutionary types to gas sustained momentum for over a decade,” added Matt Bass, RIAA vp, analysis.
In April, the RIAA reported that, for a second yr in a row, Latin music revenues within the U.S. had exceeded the $1 billion mark on the wings of 16% progress that outpaced the general market.
The thirty fifth anniversary Billboard Latin Music Week, which can characteristic unique panels, conversations and performances by Latin music’s greatest stars, will happen Oct. 14-18 in Miami. Buy tickets to the 2024 Billboard Latin Music Week right here.