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.
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:
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.