Latin Music Revenue Surpasses $1 Billion in U.S. For First Time
2022 was a landmark year for Latin music in the U.S., with revenues surpassing $1 billion for the first time, according to a new report from the Recording Industry Association of America released Wednesday morning.
Revenue for Latin grew about 24 percent from 2021, significantly outpacing the 6 percent growth the recording industry overall saw last year, according to the RIAA. Latin music now makes up nearly 7 percent of market share for the entire U.S. market, up from 6 percent last year.
Even compared to the U.S. market overall — where streaming income now makes up 84 percent of all revenue — Latin listeners have leaned much heavier into streaming, with paid and ad-supported streaming making up 97 percent of all revenue, according to the report. The ongoing vinyl craze that has buoyed an otherwise shrinking physical sales ecosystem for the overall market is much smaller in the Latin genre, according to the report, but vinyl sales still increased nearly 67 percent to about $9.1 million last year.
The RIAA’s data is just the latest validation for what the industry has known for years: That Latin music continues to break further into the mainstream as one of music’s preeminent genres, thanks to a growing number of global superstars. Bad Bunny’s Un Verano Sin Ti, for example, was the biggest album in the world in 2022, according to the International Federation of the Phonographic Industry, and the Puerto Rican artist is getting ready to be the first Latin headliner in Coachella’s history this coming weekend. Meanwhile Karol G made history just last month as her new album Mañana Será Bonito debuted at number one on Billboard’s 200 Albums chart, marking the first Spanish-language album from a woman to do so.
“When Bad Bunny’s Un Verano Sin Ti became the first non-English language album to ever top the Billboard 200 or Becky G, Daddy Yankee, Jhay Cortez, Karol G, Luis Miguel, Rosalia, and Sofía Reyes hit the mainstream, it was clear Latin music’s hot streak was just lighting up,” Rafael Fernandez Jr., RIAA’S senior vice president of state public policy and industry relations, said in a statement. “Latin music revenues in 2022 exceeded $1 billion for the first time and grew significantly faster than the broader industry. That sustained expansion speaks to an openness to new artists, music and ways of listening.”
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