In an already incredibly successful year for the music industry, revenue from Latin music has reached an all-time high in the United States, per the Recording Industry Association of America's year-end report. Latin music raked in an impressive $1.4 billion in 2023, a 16% increase over 2022.
RIAA Senior Vice President of Public Policy and Latin Music, Rafael Fernandez Jr. spoke on the blossoming success of the genre.
"Latin music has exploded in the U.S. over the last decade as a new generation of stars boosts the genre and streaming puts this dynamic sector at everyone's fingertips," he said.
2023 saw groundbreaking milestones for Latin music as Karol G became the first Latina woman to score a number one all-Spanish-language album on the Billboard 200. She later won awards at both the Grammys and Latin Grammys. Another artist, Peso Pluma earned the title of highest-charting música Mexicana on the Billboard 200, reaching the number three spot.
Bad Bunny, Peso Pluma, Feid and KAROL G all ranked within the top ten of Spotify's most streamed artists in 2023. Bad Bunny's Un Veranso Sin Ti topped the list of the top ten globally streamed albums, with over 4.5 billion streams.
Like other genres, Latin music earns the majority of its revenue through streaming services like Spotify and Apple Music. Almost all of Latin music revenue, a whopping 98% and over $1.3 billion, was from streaming. Paid subscriptions in particular contributed over two thirds of the total $1.4 billion in revenue, up 21% from 2022 to $915 million.
Digital downloads, radio services, CDs and vinyl records contributed to the remainder, with these formats producing generally low numbers. The industry at large saw growth in physical media, with vinyl records besting CDs.
Latin music continues to be the fastest growing genre within the music industry.
"No longer limited by language, access or outdated assumptions--Latin artists are shaping our culture as fans gravitate towards the spirit of this music, propelling faster growth than all other listening and expanding our horizons further every year," said Fernandez Jr. of the genre.
He continued, saying that "there are opportunities for more fans to subscribe to paid streaming services and Latin vinyl sales to spin up even higher." Fernandez Jr. sees this as a new way to inspire "unforgettable moments together" among artists, labels and listeners.
"It's incredible to see the impact this genre is having on the overall U.S. market and the role streaming continues to play in helping fans connect as they discover new styles, artists and sounds," said RIAA Vice President of research and gold and platinum operations, Matthew Bass.
"The consistent creative and commercial boom across Latin music is a testament to the ways vibrant partnerships and label expertise can help artists reach new heights," he said. Bass compared the surge of vinyl record sales to the surge of Latin music, as the genre has "plenty of space to expand even deeper into this traditional format."
With artists like Bad Bunny, Peso Pluma and Karol G dominating streaming platforms, it comes at no surprise that Latin music saw such an impressive fiscal year.
