Latin Music’s US revenues hit $1.42 billion in 2024, up 5.8% YoY – Music Business Worldwide
MBW’s Stat Of The Week is a series in which we highlight a data point that deserves the attention of the global music industry. Stat Of the Week is supported by music data analytics firm Chartmetric.
Latin Music has evolved from a regional phenomenon to a powerhouse recorded music revenue generator in the United States.
New data published by the RIAA today (April 1) shows that total revenues generated by Latin recorded music in the US reached a record $1.423 billion on a retail basis in 2024, surpassing the $1 billion mark for the third consecutive year.
That was up 5.8% YoY, outpacing the wider US music market’s growth. The US recorded music industry as a whole was up 3.3% YoY in 2024, to $17.67 billion.
According to the RIAA, adjusted for inflation, Latin Music revenues in the US were 18% above the previous peak in 2005.
The growth in gross revenues generated by Latin Music in 2024 outpaced the overall US-recorded music revenue growth for the ninth consecutive year, but the pace of growth was slower than in the prior year when Latin Music revenues grew 16% YoY
Latin Music revenues accounted for 8.1% of total recorded music revenue in the US last year, up from a market share of 7.9% of all recorded music revenue in the US in 2023 and 5.6% back in 2020 (see below)
You can read the new report in full here.
Streaming revenues accounted for 98% of all revenue generated by Latin music in the US. Latin music’s revenue from streaming reached $1.395 billion in 2024, up 5.5% YoY.
The genre’s primary revenue driver in 2024 was paid subscriptions, which generated $966.5 million last year, up 6.1% YoY.
Combined revenues from ad-supported on-demand streaming (including services like YouTube, Vevo, the free version of Spotify, and social media platforms) were up 5.8% YoY, contributing $354 million, equivalent to nearly 25% of Latin music’s total streaming revenues.
RIAA noted that this is more than double the 10% share that ad-supported streams represent across the overall US recorded music market.
As reported last month, in the US market as a whole, on-demand ‘Paid’ subscription platforms – like Spotify Premium, YouTube Music, Amazon Music Unlimited, and Apple Music – contributed $11.685 billion to recorded music rightsholders, up4.6% YoY.
Overall recorded music trade revenues from streaming in the United States grew by just 3.6% YoY in 2024, up to USD $14.88 billion.
The US industry’s overall streaming revenue performance in 2024 was dragged down by payouts from on-demand, ad-supported music services, including YouTube and Spotify‘s ‘freemium’ tier.
Combined, these platforms saw their revenue contribution to the recorded music industry decline in the US last year, down1.8% YoY to $1.83 billion.
The number of paid subscriptions to on-demand music services in the United States hit 100 million for the first time in history last year.
Other streaming formats saw mixed results. Digital and customized radio services (such as Pandora, SiriusXM, and internet radio) fell 3% to $75 million, making up 5% of streaming revenues.
Permanent digital downloads also continued their decline, down 23.6% YoY to $7.6 million.
While physical formats account for just 1.3% of Latin music revenue — much lower than the 11% share seen in the broader US market — they experienced a remarkable surge.
According to RIAA’s report, total physical revenue nearly doubled, rising 95.4% YoY to $16.6 million, driven largely by the vinyl resurgence.
Vinyl LP shipments alone grew103% YoY, reaching $14 million in revenue.
Revenues generated from CD sales grew 62.6% YoY, from $1.6 million in 2023 to $2.6 million in 2024.
In January, market monitor Luminate reported in its Year-End music report for 2024 that Regional Mexican music was driving Latin’s growth in the US last year and is now the largest Latin Subgenre in the market.
IFPI revealed in its global music report last month that Mexico overtook Australia last year to become the world’s tenth-largest recorded music market,
Recorded music revenues in Latin America rose by 22.5% in 2024 according to IFPI, once again outpacing the global growth rate and marking the region’s 15th consecutive year of growth.
“I’m heartened by the continued explosive popularity of Latin music across the US as artists and labels forge new ways to connect with fans.
Rafael Fernandez Jr, RIAA
“I’m heartened by the continued explosive popularity of Latin music across the US as artists and labels forge new ways to connect with fans,” said RIAA Senior Vice President, State Public Policy & Latin Music Rafael Fernandez Jr, who was recently named a Trustee on the Latin Grammy Board of Directors for his impact on the genre.
“With streaming delivering 98% of Latin revenues, we can see how the Latin music community’s embrace of innovation lets traditional stars and new generations reach fans like never before – breaking language and access barriers to more boldly shape America’s music future every year.”
Matthew Bass, RIAA Vice President, Research and Gold & Platinum Operations added: “There are still more opportunities to push the bounds of innovation, engaging superfans, expanding paid streaming and introducing vinyl nostalgia to this specific market. After nearly a decade rising and rising again, Latin music keeps surging across the US and is only getting started!”
“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.”
Matthew Bass, RIAA
Bass continued: “ 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.
“Yet 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. After nearly a decade rising and rising again, Latin music keeps surging across the US and is only getting started! ”
Chartmetric is the all-in-one platform for artists and music industry professionals, providing comprehensive streaming, social, and audience data for everyone to create successful careers in music.Music Business Worldwide
