Latin Music Revenue Hits Record High of $1.1 Billion, Per RIAA Report
variety.comThania Garcia Latin music revenue in the United States reached an all-time high of $1.1 billion in 2022, marking the industry’s second year of double-digit growth for an annual increase of 24%.
As predicted in the RIAA’s mid-year report, that number outpaced that of any other market. RIAA’s year-end Latin music report for 2022 also highlights an all-time high for the industry at a 6.9% market share — up from 5.9% in 2021.
With such striking stats, it’s clear major labels and Latin artists have begun to engage with fans — despite language barriers — across markets to make the music more easily accessible.
This is especially true on the streaming front where revenue expanded by 25% to $1.06 billion, making up a remarkable 97% of all Latin music revenues.
Read more on variety.com
