Latin Music Reaches New Heights with Record Revenue in 2024
Latin music revenues hit an all-time high of $685 million in the first half of 2024, fueled by paid streaming subscriptions. With a 7% increase from 2023, Latin music continues to outperform the overall recorded music market in the United States.
Latin Music’s Unstoppable Growth
The rise of Latin music has been a remarkable trend, and 2024 proved to be a record-breaking year for the genre in the United States. According to the latest RIAA (Recording Industry Association of America) mid-year report, Latin music revenues soared to $685 million in the first half of 2024. This represents a 7% increase compared to the same period in 2023, cementing Latin music as a dominant force in the industry. Paid streaming subscriptions have played a pivotal role in this growth, contributing over two-thirds of the total revenue for Latin music in the U.S.
The report also highlighted that Latin music’s growth continues to outpace the overall recorded music market. This remarkable trajectory is primarily attributed to the genre’s universal appeal, driven by Latin artists’ passion, energy, and cultural relevance to the global music scene. As Michele Ballantyne, COO of the RIAA, noted, “Latin music keeps rising to new heights, setting revenue records in the U.S. as we report today, and driving culture worldwide. There’s a reason Latin music is the fastest-growing genre on U.S. streaming services—fans can’t get enough of its undeniable energy, excitement, power, and joy.”
Streaming Powerhouses Fuel the Boom
Streaming has significantly contributed to Latin music’s success, with paid subscriptions representing 68% of the genre’s revenue in the first half of 2024. Streaming services like Spotify, Apple Music, and Amazon Music have become the go-to platforms for Latin music fans. With an all-time high of 99 million paid subscriptions in the U.S. during this period, Latin music has reached a broader and more engaged audience than ever before.
The mid-year report shows that ad-supported streaming services such as YouTube, Vevo, and the free version of Spotify also played a significant role, contributing nearly 25% of Latin music revenues. This is a striking comparison to the overall recorded music market, where ad-supported streaming only accounts for around 10% of revenues. Latin music’s dominance in the streaming world speaks to its wide appeal across diverse audiences, especially among younger listeners increasingly turning to digital platforms to discover new music.
Additionally, digital revenue sources—including paid and ad-supported streaming, online radio, and digital downloads—provided a staggering 98% of total Latin music revenues in the first half of 2024. This statistic highlights the genre’s embrace of the digital age, where fans have shifted away from traditional formats and fully embraced the convenience of streaming.
A Diverse Array of Artists Drives Success
While the RIAA report did not pinpoint specific artists or genres that were responsible for the surge in Latin music revenue, it’s clear that a diverse range of musicians has fueled the movement. Established superstars like Karol G and Peso Pluma continue to dominate charts and attract massive audiences. Their historic success in 2023 laid the groundwork for another stellar year, with both artists enjoying continued popularity on streaming platforms worldwide.
Karol G’s fusion of reggaeton, Latin pop, and urbano has captured the hearts of millions. At the same time, Peso Pluma’s unique blend of regional Mexican music and trap influences has earned him legions of fans. These artists and emerging talents like Xavi are bringing fresh sounds to the genre, ensuring that Latin music remains a dynamic and evolving art form.
The sustained popularity of Latin music can be credited not just to these individual talents but to the collective effort of a new generation of musicians who are pushing boundaries and embracing innovation. The RIAA’s Matt Bass underscored this: “The strong growth across all major formats, including a doubling of physical revenues, has allowed the diverse mix of innovative styles from new and established Latin music artists to fuel sustained momentum for over a decade.”
The continuous rise of Latin music is a testament to its ability to evolve and adapt to new trends while retaining the cultural elements that make it unique. This diversity in sound and style ensures that there is something for every listener, making Latin music a genre that transcends borders and languages.
Physical Sales Make a Comeback
Surprisingly, while digital streaming dominated revenue, physical sales also experienced significant growth in the first half of 2024. The RIAA report noted a 21% increase in physical revenue compared to the same period in 2022. This resurgence in physical sales—particularly vinyl—indicates that, despite the dominance of streaming, there is still a demand for tangible music formats.
The vinyl revival has been a growing trend in the broader music market, and Latin music is no exception. Fans of the genre increasingly seek out physical records as collectibles or as a way to connect more deeply with their favorite artists. While digital platforms offer instant access to music, physical formats provide a sense of nostalgia and a tangible connection to the music, offering an experience that streaming cannot replicate.
The increase in physical revenue reflects Latin music’s widespread popularity across different demographics. Whether young fans embrace the vinyl trend or older generations prefer physical formats, Latin music’s ability to cater to diverse audiences has been critical to its sustained success.
The Future Looks Bright for Latin Music
As Latin music continues its upward trajectory, it is clear that the genre is not just a fleeting trend but a cultural powerhouse that shows no signs of slowing down. The record-breaking revenue in 2024 proves that Latin music has firmly established itself in the mainstream music industry in the U.S. and globally.
The genre’s influence on global culture is undeniable, with Latin artists consistently headlining significant festivals, collaborating with international superstars, and topping charts worldwide. The joy, energy, and passion Latin music brings its listeners to make it such a compelling force. As streaming continues to expand and digital platforms offer more opportunities for artists to reach new audiences, the future of Latin music looks incredibly promising.
With nearly 8% of the total recorded music revenue in the U.S. now attributed to Latin music, the genre’s impact is only expected to grow. As artists continue experimenting with new sounds, collaborating across genres, and breaking down barriers, Latin music is poised to continue breaking records and capturing the hearts of listeners worldwide.
Also read: Latin Artists Making Waves at 2024 Fashion Weeks
In an era where digital platforms have revolutionized the music industry, Latin music has shown its ability to not only survive but thrive. Its diverse mix of styles and the undeniable talent of its artists make Latin music a genre to watch as it continues to redefine the global music landscape.
