Latin music revenues in the United States reached a new high in 2023, reaching $1.4 billion, marking a significant growth of 16% compared to the previous year.
The Recording Industry Association of America (RIAA) reported that Latin music’s market share of the overall U.S. music market also rose to 7.9%, a new high, Variety reported.
See also: Taylor Swift’s ‘The Tortured Poets Department’ hits 1.6 million US sales, sets Spotify ablaze with over 300 million streams
In dialogue with the RIAA’s magazine Rafael Fernandez Jr. he attributed this surge to the genre’s growing popularity among a new generation of stars and the widespread availability of streaming platforms.
“Latin music has exploded in the United States over the past decade as a new generation of stars has boosted the genre and streaming has put this dynamic industry at everyone’s fingertips,” Fernández said.
The rise of artists like Karol G and Peso Pluma has played a key role in this growth. Karol G made history by becoming the first Latina woman to top the Billboard 200 with an entirely Spanish-language album, “Mañana Será Bonito,” in February 2023.
Meanwhile, Peso Pluma also made waves by claiming the highest-charting Mexican music album on the Billboard 200 with “Genesis,” peaking at No. 3.
Additionally, streaming platforms have continued to dominate the listening experience for Latin music fans, generating more than 98% of Latin music revenues. Paid subscriptions contributed the most to total revenue.
However, platforms like Alphabet Inc‘S GOOGLEGOOG Youtube, Universal music groupS ENVIRONMENT Vevo and social media also played a significant role, accounting for nearly a quarter of the total value of the Latin market.
Despite the shift to digital platforms, digital and personalized radio services, along with physical formats such as vinyl albums, still held a notable share of the market.
“It’s incredible to see the impact this genre is having on the overall US market and the role streaming continues to play in helping fans connect as they discover new styles, artists and sounds,” Matteo Basso, This was stated by the RIAA vice president for gold and platinum research and operations.
“And just as we’ve seen vinyl’s surge in the overall market, Latin music has plenty of room to expand even more deeply into this mainstream format with new highs undoubtedly yet to come,” he added.
Read next: The 5 hottest Latinx artists in the US right now: Bad Bunny, Karol G, Farruko and more
Photo: Karol G via Shutterstock