Latin Music Hits A Record-Breaking $1.4 Billion in 2024—Talk About A Vibe
Latin music is a growing genre and it is taking up all of the space it rightfully deserves. For the third year in a row, the genre continues to grow and is outpacing overall music growth in the United States. For 2024, the Recording Industry Association of America (RIAA) reports that Latin music hit $1.4 billion in revenue, a new record for the genre.
Latin music continues to dominate the music industry
Latin music has reached $1 billion in revenue for three years in a row. RIAA reports a 6 percent growth in revenue since 2024, continuing the growth trend. This is a little slow down compared to the 16 percent increase in 2023. However, the 6 percent growth surpasses the 3 percent growth for all music in the U.S. market.
The broader year-end report from the RIAA paints a big picture of Latin music and how we consume it. According to the report, streaming is a major player in both revenue and how we listen to our favorite artists. In total, streaming made up 98 percent of the total revenue generated for Latin music in 2024.
“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., the RIAA’s senior vice president of state public policy and Latin music, said in a statement, according to The Hollywood Reporter. “With streaming delivering 98 percent 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.”
It’s all about streaming services, especially free ones
There was a significant increase in streaming as the main source of revenue. Free services, like YouTube, Vevo, and social media platforms, generated 25 percent of the revenue for Latin music last year. Meanwhile, paid subscriptions increased by 6 percent are earned two-thirds of total revenue, according to the RIAA. Paid subscriptions generated $967 million.
Overall, according to the RIAA, the number of paid subscriptions for music grew to 100 million. This is a record high for the number of people who pay for a subscription to listen to music. At the same time, digital downloads continued to plunge by 24 percent. This is reflected in the broader music industry as digital downloads quickly become a thing of the past.
“There are still more opportunities to push the bounds of innovation, engaging superfans, expanding paid streaming and introducing vinyl nostalgia to this specific market,” Matthew Bass, RIAA VP, research and gold and platinum operations, said in a statement, according to Variety. “After nearly a decade rising and rising again, Latin music keeps surging across the U.S. and is only getting started!”
The genre’s popularity continues to grow. It is the fastest-growing genre in the U.S. and artists Bad Bunny and Peso Pluma played major roles in that growth last year. According to Luminate Data, Latin Music was the decisive winner when it came to growth in On-Demand Audio streaming in 2024. Data from Luminate Data shows that Latin Music grew “with +0.51 share points in the first half of 2024, powered by a +15.1% growth in On-Demand Audio streaming volume.”
