Latin music in the United States continues to grow in revenue

Latin American music in the United States continues to grow in revenue and market share after a record year in 2022, when it reached $1.1 billion in revenue, the Recording Industry Association of America (RIAA) reported this Wednesday. on English).

In the first half of 2023, Latin American music earned $627 million (up 15% year-over-year) almost exclusively from services “Thatstreaming,” which represent the genre’s main source of revenue between subscription and advertising-supported options, according to a report released today by the RIAA.

“And the vitality of success classics like new releases who top the list have contributed to this rise, which has impacted culture and society at large,” Rafael Fernandez Jr., their senior vice president of Government Public Policy and Industrial Relations, said in a note.

Latin American music remains a solid part of total recorded music revenues in the United States as it maintains a new record, with a 7.5% market share in the first half of 2023, the note reveals.

In 2022, the Latin genre surpassed $1 billion reaches $1.1 billion (up 24% from the previous year) and represented 6.9% of the entire US market.

A week ago, the RIAA presented its general report for the first half of 2023, in which recorded music generated $8.4 billion (up 9.3% year-on-year) in the retail market, with streaming services as the predominant form consumption and the main source of income.