Latin Music Sees Impressive 14.8% YoY Growth, Garnering $627m in H1 2023 US Revenue.

Date:

Latin music generated $627 million in gross revenues in the US in the first half of 2023, according to the Recording Industry Association of America’s (RIAA) Mid-Year 2023 Latin Music Report. This represents a 14.8% year-on-year growth and marks Latin music’s share of overall US recorded music revenues increasing from 7.1% to 7.5%. Streaming continues to be the driving force behind this growth, accounting for 98% of total Latin music revenues, with paid subscriptions comprising more than two-thirds of these revenues. However, ad-supported on-demand streams of Latin music revenues fell by 0.2% year-on-year due to challenges in the advertising market.

The RIAA’s Latin Music Report includes revenues from social media platforms such as Facebook, TikTok, and YouTube Shorts, which has led to revisions in the data for 2022. Even considering these revisions, US Latin music revenues grew by $81 million year-on-year in the first half of 2023, and are projected to grow by over $150 million for the entire year. The success of Latin music stars like Bad Bunny and Peso Pluma in global streaming markets has contributed to this growth. Despite the overall growth in Latin music revenues, the physical market for Latin music, including vinyl LPs and CDs, has declined by 37.1% year-on-year.

RIAA SVP, Rafael Fernandez, Jr., commented on the report, stating that US Latin music revenues reached an all-time high in 2022 and continue to grow in 2023. He attributed this growth to the popularity of classic hits and new chart-topping releases that have influenced culture. This year’s RIAA Honors celebrated Latin music icon Gloria Estefan and Artist of the Year Sebasti√°n Yatra, highlighting the diverse voices in music, politics, and communities across the country.

Source link

Share post:

Subscribe

spot_imgspot_img

Popular

More like this
Related

Bungie’s Morale Plummets with Sony Takeover Looming

Sony's acquisition of Bungie for $3.6 billion in 2022...

Google upgrades Bard chatbot with next-gen AI model Gemini in major update.

Google is updating its generative AI chatbot, Bard, with...

Apple to escape EU crackdown on iMessage under 13 words

The European Union is considering granting Apple Inc.'s iMessage...

GTA 6 Trailer boosts popularity of 70s rocker Tom Petty in streams

The highly anticipated trailer for Grand Theft Auto 6,...