WASHINGTON D.C. (CelebrityAccess) — The Recording Industry Association of America confirmed that Latin music is booming in the U.S. with revenue from the sector surpassing $1.1 billion in 2022 and outpacing the overall industry by 24%.
Additionally, the RIAA’s annual review also revealed that 2022 as an all-time high for the genre, which garnered a 6.9% market share during the period.
Streaming was a key driver in Latin music’s success in 2022, with paid subscriptions accounting for 71% of revenue, worth $758 million. Ad-supported streams, including YouTube, Vevo, and the freemium tier of Spotify, notched up double digit growth of 24% in 2022.
However, revenue from other digital platforms, including Pandora, SiriusXM and internet radio decreased 5% as permanent downloads also fell 15%.
While enjoying a boom time of its own, vinyl contributed only a small amount to the success of Latin music in 2022, generating revenue of $9.1 million, or about 1%.
“When Bad Bunny’s Un Verano Sin Ti became the first non-English language album to ever top the Billboard 200 or Becky G, Daddy Yankee, Jhay Cortez, Karol G, Luis Miguel, Rosalia and Sofía Reyes hit the mainstream, it was clear Latin music’s hot streak was just lighting up. U.S. Latin music revenues in 2022 exceeded $1 billion for the first time and grew significantly faster than the broader industry. That sustained expansion speaks to an openness to new artists, music and ways of listening. As the son of Cuban immigrants, my earliest musical memories are that of Latin origins from Lalo Rodrigues to Eddie Ruiz so to see this genre that was so defining for me early on, and throughout my career connecting policymakers to support the culture, reaching these heights is truly remarkable,” says RIAA SVP, State Public Policy & Industry Relations Rafael Fernandez Jr.
