Labels body the RIAA has published its year-end 2024 figures for Latin recorded music in the US. It reflects wider trends in other recent industry-data reports.
The good news: Latin music reached an all-time high of $1.42bn of revenues in the US last year. The not-quite-so-good news: that was 5.8% growth year-on-year, a sharp slowdown from the 16% growth it saw in 2023.
98% of the revenues last year came from streaming, including $966.5m from paid subscriptions – up 6.1% year-on-year compared to a 20.7% spike in 2023.
The RIAA also noted that ad-supported on-demand streaming, which includes Spotify and YouTube’s free tiers, Vevo and social-media platforms, generated $354m.
That’s 24.9% of the total revenues for Latin music last year, in contrast to 10.4% for the overall US recorded-music market.
Latin music accounted for 8.1% of that overall market last year, up from 7.9% in 2023 – and 5% back in 2019.
“There are still more opportunities to push the bounds of innovation, engaging superfans, expanding paid streaming and introducing vinyl nostalgia to this specific market,” said Matt Bass, the RIAA’s VP, research and gold & platinum operations.
“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,” added its SVP, state public policy & Latin music Rafael Fernandez Jr.
