The US Latin music market grew 7% in first half of 2024 with 98.7% being digital according to the RIAA, the US recording industry association. During this period revenues from Latin music in the US grew to a record high of $685 million and represents 7.9% of the total US music market up from 7.5% in the first half of 2023.
Paid streaming subscriptions contributed more than two-thirds of total revenues and added more value than any other format. Overall US paid subscriptions reached a record average of 99 million in 2024 (figure is not specific to Latin music) and delivered 68% of total revenues for US Latin music.
Combined revenues from ad-supported, on-demand streaming services (including YouTube, Vevo, the free version of Spotify and social media platforms) provide nearly 25% of the total value of Latin music, which more than doubles the 10% for overall recorded music revenues. Total revenues from these services across Latin music were up 10% to $166 million, slightly outpacing the growth from paid services.
Digital and customized radio services (such as Pandora, SiriusXM and internet radio) decreased 2% to $36 million, making up 5% of streaming revenues.
Physical formats more than doubled in 2024 with CD revenues up 21% to $2 million and vinyl albums up 21% to $7 million over a two-year period. Vinyl accounted for 1% of 2024 Latin music revenues in the US, compared to 9% for the overall market.
Download sales continued to decline with singles dropping by 19.8% and albums by 24.3%.
The full report can be downloaded in English here and in Spanish here.
