Latin music generated $627 million in gross revenues in the US in the first half of 2023, marking a 14.8% year-on-year increase. This growth pushed Latin music’s share of overall US recorded music revenues to a new high of 7.5%, up from 7.1% in the first half of 2022. These figures are from the Recording Industry Association of America’s (RIAA) Mid-Year 2023 Latin Music Report, which now includes revenues from social media platforms like Facebook, TikTok, and YouTube Shorts. Streaming formats, driven by the success of Latin music stars like Bad Bunny and Peso Pluma, accounted for 98% of total Latin music revenues in the US, with paid subscriptions contributing the majority of these revenues.
Paid subscriptions for Latin music in the US grew 23% year-on-year, reaching $431.4 million in the first half of 2023. Ad-supported on-demand music streaming revenues made up 23% of Latin music revenues, down 0.2% from the previous year due to challenges in the advertising market. Revenues from digital and customized radio services grew 13% YoY to $36 million, representing 6% of total Latin music revenues. However, physical music formats, including vinyl LPs and CDs, experienced a 37.1% year-on-year decline in the Latin music market.
RIAA Senior Vice President Rafael Fernandez, Jr. highlighted the continued growth in US Latin music revenues, attributing it to both classic hits and new releases that have influenced broader culture and society. He emphasized the vitality of Latin music and its power to bring diverse voices and new perspectives to the industry and communities across the country. Cinq Music Group, a technology-driven record label, distribution, and rights management company, supported this week’s Stat of the Week.