Latin music topped $1 billion in US recorded music revenue in 2022 (and claimed an 8% market share of streaming revenue)
MBW called him a year agoand now we can say we were right: US Latin recorded music revenues topped the $1 billion mark in 2022.
According to data released today (April 12) by the RIAAtotal retail revenue generated from Latin music recorded in the United States was $1.09 billion last year, an increase of 23.8% per year from 2021.
The numbers show that Latin music continues to grow as a force in the American music scene.
Its revenue growth was considerably larger than that of the U.S. recorded music industry as a whole, which grew 6.1% over one year in 2022, to a record of $15.9 billion.
Latin music had a market share of 6.9% of all recorded music revenue last year (see below), an all-time high for the genre, the RIAA said, and compared to 5.9% in 2021.
This represents a huge growth in the popularity of Latin music in the United States.
As recently as 2017, the genre accounted for only 3.97% revenue from recorded music in the United States.
Latin music revenue from streaming only also exceeded $1 billion brand in 2022, and represented 97% of all Latin music revenue generated in the United States.
Latin music, in turn, claimed a 8% market share of total US streaming revenue last year, as calculated by MBW from RIAA data (see above).
Paid subscriptions saw the strongest Latin music revenue growth in 2022, rising 28.7% year over year For $758.3 million.
That was driven by another year of strong subscriber growth for paid streaming services, with total US subscribers reaching 92 million in 2022, the RIAA said.
MBW calculations based on latest RIAA data show that Latin music claimed a 7.4% market share of the US subscription/paid music streaming market in 2022 (including premium subscription and “limited tier” products).
As MBW has noted beforeAd-supported on-demand streaming accounts for a larger share of the Latin music market than what we see in the music market as a whole, and 2022 was no exception.
Ad-supported video streaming, such as Youtubeand audio streaming, like Spotifyof free service, taken into account 21% of all Latin music streaming revenue in the US, compared to 11% for the global recorded music market.
Revenues from this segment have increased 24% year over year compared to 2021, for a total of $230 million.
MBW’s calculations, again based on RIAA data, show that Latin music’s market share on on-demand and ad-supported streaming in the US last year exceeded 12.7% (see above).
However, revenues from digital and personalized radio services – think pandora, SiriusXM and internet radio (i.e. not on demand) – dropped from 5% year over yearFor $73 million.
This likely reflects the decline in advertising rates seen in some media in 2022, not an indication that Latin music is becoming less popular on these platforms.
And a sign of the intensity with which music listeners are turning to streaming services, permanent downloads of Latin music files fell 15% from the previous year, to just 11.7 million. dollars in revenue from Latin music.
However, the small but significant trend of some consumers returning to physical music carriers continued in 2022.
“When Bad Bunny is A Verano Sin Ti became the first non-English language album to reach the top Billboard 200, where Becky G, Daddy Yankee, Jhay Cortez, Karol G, Luis Miguel, Rosalia and Sofía Reyes hit the mainstream, it was clear that the Latin music hot streak had just ignited.
Rafael Fernandez Jr., RIAA
Sales of Latin music in vinyl format increased by 67% year over yearFor $9.1 millionwhile CD sales were up 60% year over year For $3.1 million. This means that physical music carriers of the Latin genre slightly outpaced file downloads.
“Latin music has become mainstream in the United States and is having a huge creative and commercial impact”, Alexandre DuquePresident of Warner Music Latin America, said MBW last year.
“Latin artists will continue to account for a growing proportion of global hits, driven by high streaming numbers in the region and gaining new fans around the world.”
Duque added that he expects to see more and more cross-cultural collaborations “not only with Anglo-Saxon stars, but with artists from all over the world. For example, there are particularly strong connections between Latin and African music that provide all sorts of exciting opportunities.
Discussing the new numbers, Rafael Fernandez Jr., RIAA SVP, State Public Policy & Industry Relations, said in a statement: “When Bad Bunny’s A Verano Sin Ti became the first non-English language album to top the Billboard 200, where Becky G, Daddy Yankee, Jhay Cortez, Karol G, Luis Miguel, Rosalia and Sofía Reyes hit the mainstream, it was clear the hot streak Latin music was just turning on.
“This sustained expansion demonstrates an openness to new artists, music and listening styles.”
You can download the RIAA’s full annual report on the success of Latin music in the United States in 2022 this wayor see an overview of the key figures below.
The music industry around the world