MBW is a series where we spotlight the data point that warrants the attention of the global music industry. The stat of the week is brought to you by the analytical company Music Data Chartmetric.
Latin Music’s Growth
Latin music has evolved from a regional phenomenon into a significant source of recorded income in the United States.
New data published by RIAA today (April 1) shows total income from Latin recorded music in the United States reached a record 1.423 billion dollars on a retail basis in 2024, surpassing the 1 billion dollars mark for the third consecutive year.
It experienced a 5.8% year growth, outpacing the overall growth in the music market. The US recorded music industry in general saw a 3.3% year growth in 2024, totaling 17.67 billion dollars.
According to RIAA, adjusted for inflation, the income from Latin music in the United States was 18% higher than the previous peak in 2005.
The growth rate of gross income for Latin music in 2024 marked the ninth consecutive year, but the growth rate was slower than the previous year, when Latin music income grew by 16% year
Latin music accounted for 8.1% of the total recorded income from music in the United States last year, compared to a market share of 7.9% in 2023 and 5.6% back in 2020 (see below).
Streaming income comprised 98% of the total income generated by Latin music in the United States. The revenue from Latin music streams reached 1.395 billion dollars in 2024, increasing by 5.5% year.
The main contributor to the genre’s income in 2024 was paid subscriptions, which generated 966.5 million dollars last year, representing an increase of 6.1% year.
Combined income from on-demand streaming services (including platforms like YouTube, Vevo, Spotify’s free tier, and social networks) saw a growth of 5.8% year-on-year, bringing in 354 million dollars, nearly equivalent to 25% of total streaming income for Latin music.
RIAA noted that this figure is more than double the 10% share that ad-supported streams hold in the overall US recorded music market.
As reported last month, the overall US market for “paid” on-demand subscriptions, such as Spotify Premium, YouTube Music, Amazon Music Unlimited, and Apple Music generated $11.685 billion for music rights holders, up 4.6% year.
Total recorded income from streaming in the United States only grew by 3.6% year in 2024, reaching $14.88 billion.
The overall performance of streaming income for the US industry in 2024 was hampered by payments from ad-supported music services, including YouTube and Spotify’s ‘Freemium’ tier.
Together, these platforms saw their contribution to the recorded music industry decline in the USA last year, down 1.8% year to 1.83 billion dollars.
The number of paid subscriptions for music streaming services in the United States reached 100 million for the first time in history last year.
Other streaming formats experienced mixed results. Digital and individual radio services (such as Pandora, SiriusXM, and Internet radio) fell by 3% to 75 million dollars, making up 5% of streaming income.
Digital downloads also continued to decline, decreasing by 23.6% year to 7.6 million dollars.
Physical formats accounted for merely 1.3% of Latin music income—significantly lower than the 11% share observed in the broader US market—but they did see a remarkable surge.
According to the RIAA report, total physical income nearly doubled, growing by 95.4% year to 16.6 million dollars, largely driven by the vinyl revival.
Vinyl record sales surged by 103% year, generating 14 million dollars in revenue.
Revenue from CD sales rose by 62.6% year, from 1.6 million dollars in 2023 to 2.6 million dollars in 2024.
In January, the Luminate market monitor reported in its year-end music industry report for 2024 that regional Mexican music fueled the growth of Latin music in the United States last year and is currently the largest Latin genre in the market.
IFPI’s global music report last month indicated that Mexico overtook Australia last year to become the tenth largest music market in the world.
Recorded music income in Latin America rose by 22.5% in 2024, according to IFPI, outpacing global growth rates and celebrating the 15th consecutive year of growth in the region.
“I am amazed at the ongoing explosive popularity of Latin music throughout the United States, as artists and labels find new ways to connect with fans.
Rafael Fernandez -Jr., RIAA
“I am amazed at the ongoing explosive popularity of Latin music throughout the United States, as artists and labels create new methods of communication with fans,” said RIAA’s senior vice president of Latin music, Rafael Fernandez, who was recently appointed a trustee on the Latin Grammy Council for his influence on the genre.
“With streaming accounting for 98% of Latin income, we see how the innovations from the Latin music community enable both traditional stars and new generations to reach fans like never before, overcoming language barriers and boldly shaping the future of America’s music year after year.”
Matthew Bass, Vice President of RIAA for research and gold and platinum operations, added: “There are still more opportunities to push the boundaries of innovation, attract superfans, expand paid streaming, and tap into vinyl nostalgia for this particular market. After almost a decade, Latin music is on a growth trajectory in the United States, and it’s only just beginning!”
“Latin music has become the dominant force in American music, with a steady increase in income as new artists engage listeners, exceed more charts, and shape a culture faster than any other genre.”
Matthew Bass, RIAA
The analysis continued: “Latin music has established itself as the dominant force in American music, consistently increasing income as new artists draw in listeners, topping charts, and influencing culture faster than any other genre.
“Nonetheless, more opportunities lie ahead as artists and their labels explore collaborations that push the limits of innovation, appealing to superfans, growing paid streaming, and keeping vinyl nostalgia alive in this specific market. After almost a decade, Latin music continues to thrive across the United States and is just beginning to unfold!”
Chartmetric is the “all-in-one” platform for artists and music industry professionals, providing comprehensive streaming, social data, and audience insights for building a successful career in music.
Lucas focuses on the interaction between music and society. He specializes in how music influences and reflects cultures, analyzing the role of sound in social, political, and cultural events around the world.
