Latin music income surpassed $1 billion in income within the U.S. for the third consecutive yr, the RIAA confirmed in its 2024 year-end latin music report launched Tuesday, hitting a brand new all-time excessive of $1.4 billion final yr.
Progress slowed to six p.c final yr, a substantial drop off from final yr’s report, the place Latin posted a 16 p.c year-over-year bump. That’s consistent with the broader U.S. market tendencies as streaming revenues stage off with the market far more saturated than when the streaming growth started. Because the RIAA’s broader year-end report confirmed, total U.S. market revenues grew simply 3 p.c final yr in comparison with eight p.c the yr prior.
Nonetheless, the report confirms that for the ninth yr in a row, Latin development is outpacing the broader U.S. market, reflecting Latin’s continued surge due to superstars like Unhealthy Bunny and Peso Pluma. Streaming stays by far probably the most essential for Latin, making up 98 p.c of the market’s income final yr, per the RIAA. Paid subscription development hit practically $967 million final yr, a 6 p.c improve from 2023.
“I’m heartened by the continued explosive recognition of Latin music throughout the US as artists and labels forge new methods to attach with followers,” Rafael Fernandez Jr., the RIAA’s senior vice chairman of state public coverage and Latin music, mentioned in a press release. “With streaming delivering 98 p.c of Latin revenues, we will see how the Latin music neighborhood’s embrace of innovation lets conventional stars and new generations attain followers like by no means earlier than – breaking language and entry limitations to extra boldly form America’s music future yearly.”
Like within the broader U.S. market, digital downloads proceed to plummet in Latin, dropping practically 24 p.c final yr. On the opposite finish, bodily revenues practically doubled from $8.5 million to $16.6 million, the report mentioned, although bodily represents solely about 1 p.c of Latin’s total income. Matthew Bass, the RIAA’s vice chairman of analysis and gold and platinum operations mentioned in a press release that there stays room in Latin for “introducing vinyl nostalgia to this particular market.”
“After practically a decade rising and rising once more, Latin music retains surging throughout the US and is just getting began,” Bass mentioned.
