The US Latin music market grew 16% over 2022, 14% above the previous peak in 2005, according to the RIAA, the American recorded music industry association. Total revenues of $1.4 Bn represented an all-time high share of overall US recorded music revenues of 7.9%, up from 7.3% in 2022.
Streaming
Streaming is the dominant choice of Latin music fans today, delivering more than 98% of total Latin music revenues. Overall, streaming revenue grew to $1.3 Bn, up 17% over 2022. Paid subscriptions contributed more than two thirds of total revenues and grew faster than any other format, up 21% to $915 million. Overall US paid subscriptions reached a record average of 96.8 million in 2023 (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) are nearly a quarter of the total value of Latin music. That outpaces the overall market where ad-supported streaming provides 11% of recorded music revenues. Total Latin revenues from ad-supported services were up 10% to $336 million.
Digital Downloads
Digital and customized radio services (such as Pandora, SiriusXM, and internet radio) increased 5% to $77 million, making up 6% of streaming revenues for Latin music. Permanent downloads yielded only 1% of revenues for Latin music in 2023, falling 15% versus the year prior to $10 million, comparable to the 12% drop for digital downloads in the market overall.
Physical Formats
Physical formats dropped with CD revenues down 49% to $2 million and vinyl albums down 25% to $7 million. The latter accounted for less than 1% of Latin music revenues in the US, compared to 8% for the overall market.
The full report can be downloaded in English here and in Spanish here.
