Latin music revenue in the U.S. hit a new high in 2023, reaching $1.4 billion, marking a significant 16% growth from the previous year.
The Recording Industry Association of America (RIAA) reported Latin music’s market share in the overall U.S. music market also climbed to 7.9%, a new peak, Variety reported.
In dialogue with the magazine, RIAA’s Rafael Fernandez Jr. attributed this surge to the genre’s increasing popularity among a new generation of stars and the widespread availability of streaming platforms.
“Latin music has exploded in the U.S. over the last decade as a new generation of stars boosts the genre and streaming puts this dynamic sector at everyone's fingertips,” Fernández said.
The rise of artists like Karol G and Peso Pluma played a key role in this growth. Karol G made history by becoming the first Latina woman to top the Billboard 200 with an all-Spanish-language album, “Mañana Será Bonito,” in February 2023.
Meanwhile, Peso Pluma also made waves by claiming the highest-charting música Mexicana album on the Billboard 200 with “Genesis,” peaking at No. 3.
Furthermore, streaming platforms continued to dominate the listening experience for Latin music fans, generating over 98% of Latin music revenues. Paid subscriptions contributed the most to total revenues.
However, platforms such as Alphabet Inc‘s GOOGLGOOG YouTube, Universal Music Group’s UMGNF Vevo, and social media also played a significant role, accounting for nearly a quarter of the Latin market’s total value.
Despite the shift to digital platforms, digital and customized radio services, along with physical formats like vinyl albums, still held a notable share of the market.
"It's incredible to see the impact this genre is having on the overall U.S. market and the role streaming continues to play in helping fans connect as they discover new styles, artists and sounds,” Matthew Bass, RIAA vice president of research and gold and platinum operations said.
“And just as we've seen vinyl surge in the overall market, Latin music has plenty of space to expand even deeper into this traditional format with new highs undoubtedly yet to come,” he added.
Read Next: 5 Most Popular Latinx Artists In The US Right Now: Bad Bunny, Karol G, Farruko And More
Photo: Karol G via Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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