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Latin Music Revenue Exceeds $1 Billion for Third Straight Year, but Grows Only 6% From 2023: RIAA Report
The RIAA reports Latin music revenue exceeded $1 billion for a third year but highlights opportunities for growth in streaming revenue and vinyl.
As noted in RIAA’s full market annual report, paid streaming subscriptions hit 100 million users the first time ever. Paid subscriptions contribute more than two-thirds of total Latin revenues and grew faster than any other streaming format, up 6% to $967 million. “There are still more opportunities to push the bounds of innovation, engaging superfans, expanding paid streaming and introducing vinyl nostalgia to this specific market,” noted Matthew Bass, RIAA VP, research and gold and platinum operations.
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