All-time high: Latin music revenue exceeded $1 billion

The genre grew by 24%, outpacing the rest of the industry, according to an RIAA report.

Karol G, Feid, Paulo Londra, Rosalía, Bad Bunny. — (Wikimedia Commons)

Published by

21 de abril, 2023

Topics:

latin music

Latin music revenue in the U.S. reached an all-time high, exceeding more than $1 billion in 2022. The genre grew by 24%, outpacing the rest of the industry, according to a report by the Recording Industry Association of America (RIAA).

Rafael Fernandez Jr, RIAA vice president of state public policy and industry relations stated:

Latin music revenues in 2022 surpassed $1 billion for the first time and grew significantly faster than the industry as a whole. Such sustained expansion is indicative of an openness to new artists, music and ways of listening.

2022 Year End Music Industry Revenue Report by Verónica Silveri on Scribd

Streaming accounts for 97% of all revenue

Streaming accounts for 97% of Latin music revenues. Paid subscriptions within this service were up 29% in 2022 and made up 71% ($758 million) of all streaming revenue.

Music videos are especially important among Hispanic audiences. Ad-supported views on platforms such as YouTube and Vevo and the free version of Spotify grew by 24% ($230 million) making up 21% of the genre's total revenue.

Physical sales account for a small percentage of revenue (less than 1%). However, earnings from CD purchases increased 60% to $3.1 million, and earnings from vinyl were up 67% for a total of $9.1 million.

Bad Bunny, Rosalia, Karol G and Rauw Alejandro

A RIAA report predicted that Latin music revenue would peak at the end of the year, driven by the success not only of Bad Bunny, who was the most listened-to artist in the world in 2022, but also by other artists who had a successful year in streaming including Rosalia, Karol G and Rauw Alejandro.