Latin music revenues reach $1.4 billion in 2024 despite slowing growth
According to the RIAA, despite a noticeable slow-down in growth, Latin music achieved its highest recorded revenue in the US in 2024.
In 2024, Latin music in the United States achieved a record-breaking $1.4 billion in revenue, marking a 6% increase from the previous year, according to a recent RIAA report. This growth outpaced the overall US music market, where total recorded music revenues grew by 3% to $17.7 billion.
Streaming continued to be the dominant source of income for Latin music, contributing nearly $1.4 billion to the total revenue. Paid subscriptions played a significant role, generating $966.5 million, a 6.1% rise from 2023. Ad-supported on-demand streaming also saw growth, bringing in $354 million, up 5.8% year-over-year. However, revenue from SoundExchange distributions experienced a slight decline of 0.8%, totalling $45.6 million, while other ad-supported streaming revenues decreased by 6% to $29.2 million.
Physical sales, though a smaller segment of the market, nearly doubled to $16.6 million in 2024. This increase was driven by a resurgence in vinyl popularity, with vinyl album revenues rising by 21% over a two-year period to $7 million. CD revenues also saw a 21% increase, reaching $2 million.
Despite these positive figures, the growth rate for Latin music has slowed compared to previous years. In the first half of 2024, Latin music revenue grew by 7% to $685 million, indicating a deceleration in growth. This trend reflects a broader “streaming slowdown” observed across developed music markets, including the US., where streaming revenue growth has begun to plateau.
Latin music’s share of the total U.S. music market increased slightly to 8.1% in 2024, up from 7.9% in 2023. This indicates a growing influence and presence of Latin music within the industry.
Matt Bass, Vice President of Research at the RIAA, highlighted the genre’s impact:
“Latin music has become a dominant force in American music with consistent revenue growth as new artists attract listeners, top more charts and shape culture faster than any other genre.”
He also pointed out potential areas for further growth, including engaging superfans, expanding paid streaming, and introducing vinyl to the Latin music market: “There are still more opportunities as artists and their labels explore collaborations that push the bounds of innovation, engaging superfans, expanding paid streaming and introducing vinyl nostalgia to this specific market.”
For independent musicians and artists, these trends underscore the importance of leveraging streaming platforms and exploring physical formats like vinyl to reach audiences. Music fans can celebrate the increasing diversity and cultural impact of Latin music as it continues to shape the American music landscape.
