Latin music in US grows at twice the rate of overall market in 2019 according to figures released by the RIAA, the US recording industry association. Revenues from Latin music in the US grew 28% to $554 million, compared with 13% for the overall market. Streaming was the primary growth driver, up 32% and comprising 95% of total Latin music revenues. Paid subscriptions accounted for more than two thirds of the streaming revenue increase.
Latin music revenues are at their highest level since 2006. Streaming formats grew 32% to $529 million, comprising 95% of total Latin music revenues in 2019. In 2019, Latin music accounted for 5.0% of the total $11.1 billion US recorded music business compared to 4.4% in 2018.
Paid subscriptions contributed 65% of Latin streaming music revenues in the US in 2019. The category (which includes services like Apple Music, Spotify Premium, Amazon Unlimited, among others) grew 36% year on year to $344 million.
Revenues from on-demand ad-supported services (which includes YouTube, Vevo, ad-supported Spotify, and others) grew 29% to $121 million. This category made up 23% of streaming revenues, a significantly larger proportion than the 10% it contributed to the overall US music market.
Digital and customized radio revenues (including services like Pandora, SiriusXM, and Internet radio services) reversed 2018’s decline. Revenues from SoundExchange distributions and royalties from similar directly licensed services increased 18% to $64 million, accounting for 12% of streaming revenues.
Unit based formats of Latin music continued to experience declining revenues. Digital download sales fell 20% to $17 million, and revenue from physical product was only $4.2 million, down 24% from 2018. Combined, they accounted for just 4% of US Latin music revenues.
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