The US Latin music market grew 15% in first half of 2023 with paid subscriptions accounting for two thirds of the streaming market according to the RIAA, the US recording industry association. During this period revenues from Latin music in the US grew to $627 million and represents 7.5% of the total US music market up from 7.1% in the first half of 2022.
Paid subscriptions comprised more than two-thirds of total Latin music revenues, and grew faster than ad-supported streaming formats at 23% year on year to $431 million. The average number of paid subscriptions in 1H 2023 reached a record 96 million (though that figure is across all genres and not specific to Latin music).
Ad-supported on-demand music streaming revenues (from services like YouTube, the free version of Spotify, and social media platforms) continued to make up a larger percentage of revenues for Latin music (23%) than for US recorded music overall (10%). However, ad-supported revenues of $148 million were virtually flat year on year, reflecting broader economic challenges in the advertising market.
Revenues from digital and customized radio services (such as Pandora, SiriusXM, and internet radio services) grew 13% to $36 million – rebounding from a 5% decrease in 2022 – and making up 6% of total Latin music revenues.
Permanent downloads fell 21% from the same period last year to $4.8 million, dropping to less than 1% of total revenue. After growing in 2022, physical formats also totalled less than 1% at $4.7 million, resulting in a 37% decline in the first half 2023.
The full report can be downloaded in English here and in Spanish here.
