Headline : Latin Music Revenue Hits $1.4 Billion in Second Year as the Fastest Growing U.S. Market, Per RIAA Report

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Latin music revenue in the United States outpaced the general music market for a second consecutive year, hitting a new high of $1.4 billion and representing 16% growth over 2022. The Recording Industry Association of America (RIAA)’s 2023 U.S. Latin Music Revenue Report found the Latin music industry has continued to steadily increase in market share for the entire U.S. market, up to a new peak of 7.9%.

“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,” said RIAA Senior Vice President of Public Policy and Latin Music, Rafael Fernandez Jr.

Among those new artists are Karol G, who made history in 2023 becoming the first Latina woman to top the Billboard 200 with an all-Spanish-language album (“Mañana Será Bonito” in February, 2023). The record won her album of the year at the Latin Grammys, as well as best urban album at the Anglo Grammys — the first woman to win the latter. Peso Pluma similarly made history on the Billboard 200, claiming the highest-charting música Mexicana album to top the list — “Genesis” peaked at No. 3.

Streaming continues to be the dominant listening experience for Latin music fans, and the general market (per the RIAA’s general annual report) overall, accounting for more than 98% of Latin music revenues and growing up to $1.3 billion, up 17% over 2022. Paid subscriptions contributed more than two thirds of total revenues and grew faster than any other platform, up 21% to $915 million.

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