The US Latin music market growth outpaced all other genres in 2024 – growing to 8.1% of total recorded music revenue according to the RIAA, the American recorded music industry association. In 2024, the genre hit its highest yet at $1.4 Bn with 6% growth from 2023.
Matt Bass, RIAA Vice President, Research – Gold & Platinum Operations said, “Latin music has become a dominant force in American music with consistent revenue growth as new artists attract listeners, top more charts and shape culture faster than any other genre. Yet there are still more opportunities as artists and their labels explore collaborations that push the bounds of innovation, engaging superfans, expanding paid streaming and introducing vinyl nostalgia to this specific market. After nearly a decade rising and rising again, Latin music keeps surging across the US and is only getting started!”
Streaming
Streaming is the dominant choice of Latin music fans today, delivering more than 98% of total Latin music revenues. Total streaming revenue grew to $1.4 Bn, up 6% compared to the prior year with paid subscriptions contributing more than two-thirds of total revenues and growing faster than any other streaming format, up 6% to $967 million. Overall US paid subscriptions reached a record average of 100 million in 2024 (figure is not specific to Latin music).
Combined revenues from ad-supported on-demand streaming (including services like YouTube, Vevo, the free version of Spotify, and social media platforms) services are nearly 25% of the total value of Latin music, which is a significant share compared to the 10% for overall recorded music revenues. Total revenues from these services across Latin music were up 6% to $354 million.
Digital Downloads
Digital and customized radio services (such as Pandora, SiriusXM, and internet radio) fell 3% to $75 million, making up 5% of streaming revenues.
Permanent downloads yielded only 1% of revenues for Latin music in 2023, falling 24% versus the year prior to $8 million.
Physical Formats
Physical formats are up 35% compared to 2022 levels but still make up less than 1% of Latin music revenues in the US, compared to 11% for the overall market.
The full report can be downloaded in English here and in Spanish here.
