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Latin music revenues to peak at $627 million in first half of 2023; Spanish is second most listened to language in U.S.

Alice by Alice
09/10/2023
in MUSIC
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Latin music revenues are growing at an unprecedented rate in the United States, with consumption increasing by 15% compared to the first half of 2022. In addition, Spanish is now the second most listened to language in music in the US, accounting for an estimated 23% of listeners.

These milestones follow a banner year for Latin music revenues in 2022, when the genre hit an all-time high of $1.1 billion. In 2023, the genre is on track for another record-breaking year, with the RIAA reporting a new mid-year high of $627 million.

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New data from Luminate also suggests that the upswing has been driven by hot newcomers from sub-genres such as regional Mexican, a rapidly evolving landscape that has seen a 56% increase this year alone. Spanish hitmakers such as Shakira and Karol G have already dipped their toes into the market, which collected a total of 14.3 billion on-demand streams in the first 34 weeks of 2023.

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Luminate’s report also made the surprising discovery that 73% of Hispanic listeners use WhatsApp to discover new music and communicate, 265% more than the general population. This fact seems to hold true on a commercial level, as the latest single from streaming juggernaut Bad Bunny was announced on the platform’s newly launched ‘channels’ feature.

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Latin music is also ranked as the 5th most popular genre in the US, with R&B at number 1, followed by hip-hop, pop, rock and country. Also worth noting: Latin music listeners spend 120% more per month on music-related activities than other listeners, and 58% of Latin fans report spending more than half of their monthly music spend on live events.

However, streaming is the main driver of this growth, accounting for 98% of Latin music revenues. Paid subscriptions reached a total of $431 million, accounting for more than two-thirds of total revenues. Additional revenues from digital and customised radio services (Pandora, SiriusXM and internet radio services) grew by 13% to $36 million – a significant increase after a 5% decline in 2022 – to account for 6% of total Latin music revenues. Permanent downloads ($4.8 million) and physical formats ($4.7 million) each accounted for less than 1% of total revenues, falling 21% and 37% respectively in the first half of 2023.

“US Latin music revenues reached an all-time high in 2022, and growth has continued through the middle of the year and into 2023. This has been driven by both the vitality of classic hits and chart-topping new releases that have influenced the broader culture and society,” said Rafael Fernandez, Jr, RIAA Senior Vice President of State Public Policy and Industry Relations.

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Alice

Alice

Alice is a versatile artist who seamlessly blends the roles of a keen film critic and a skilled composer. With a keen eye for film nuances, she writes insightful reviews that resonate with audiences. At the same time, her works contribute a unique auditory dimension, demonstrate a comprehensive understanding of film and music art, and also enhance the emotional color of films, demonstrating her versatile creative abilities.

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