Bloomberg Línea — Latin music in the U.S. reached a milestone in 2022 with a $1.1 billion revenue, a 24% increase against the previous year, reported the trade organization representing the music recording industry in the country.
According to the RIAA, the share of Latin Music in the overall U.S. recorded music revenues also reached an all-time high, jumping to 6.9%, from 5.9% in 2021.
The lion’s share of revenue came by way of streaming platforms, reported the RIAA, with sales amounting to $1.06 billion in 2022, a growth of 25%, and representing 97% of all Latin music.
Paid subscriptions, said the organization, contributed 71% of streaming revenues. In fact, this bracket grew faster than any other digital format, said the RIAA, reaching a value of $758 million.
The RIAA said the genre was led by Bad Bunny, whose hit ‘Un verano sin ti’ became the second all-Spanish album to reach the Billboard 200 No. 1. The Puerto Rican artist also reached the top of this list in 2020 with his album ‘El último tour del mundo.’
“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. U.S. Latin music revenues in 2022 exceeded $1 billion for the first time and grew significantly faster than the broader industry.,” said Rafael Fernández, RIAA’s senior vice president for industry relations.
Latin music highlights in 2022
- Ad-supported on-demand streams grew 24%
- Revenue from digital/customized radio services reached $73 million
- Permanent downloads reached $11.7 million
- CD revenues grew 60% to $3.1 million
- Vinyl albums grew 67% to $9.1 million.