Hispanic music revenues reach new high since 2005

Hispanic music doesn't stop. In the U.S. market, it had a growth that reached 8.1% of total recorded music revenues in the country in 2024. This is its highest level at $1.4 billion, representing 18% growth over its previous peak in 2005.

The figure marks the third consecutive year in excess of $1 billion and represents growth at a faster rate than the overall market. The data is from a report by the Recording Industry Association of America® (RIAA).

The report explained that the combined revenues from on-demand and ad-supported streaming services (including services such as YouTube, Vevo, the free version of Spotify and social media platforms) are responsible for at least 25% of the total value of Latin music.

Total revenues from these services in Latin music increased 6% to $354 million.

In that regard, the association indicated that permanent downloads yielded only 1% of revenue for Hispanic music in 2023, representing a 24% decline versus the previous year.

Meanwhile, physical formats increased 35% compared to 2022 levels. However, they still account for less than 1% of U.S. Latin music revenues compared with 11% of the overall market.

"I am moved by the continued explosive popularity of Latin music in the U.S. as artists and labels forge new ways to connect with their fans. With streaming accounting for 98% of Latin music revenue, we can see how the Latin music community's embrace of innovation is enabling traditional stars and new generations to reach their fans like never before, breaking down barriers of language and access to more boldly shape the future of American music every year," explained Rafael Fernandez Jr, RIAA's Senior Vice President of State Public Policy and Latin Music.