Latin music continues to make waves in the United States, with revenues reaching a record-breaking $1.42 billion in 2024, according to the latest report from the Recording Industry Association of America (RIAA).
This milestone marks the third consecutive year Latin music has surpassed the $1 billion threshold, cementing its status as a powerhouse in the American music industry. The 2024 figure reflects a 5.8 percent increase from 2023, continuing a nine-year trend of outpacing the overall U.S. music market’s growth. However, the pace of this growth has slowed from the 16 percent year-over-year surge seen in 2023, hinting at broader industry shifts.
Streaming dominates revenue streams
Streaming remains the backbone of Latin music’s financial success, accounting for 98 percent of the genre’s total revenue in 2024. Paid subscription services, such as Spotify Premium and Apple Music, led the charge, contributing $966.5 million—a 6.1 percent rise from the previous year.
Ad-supported platforms, including YouTube and Spotify’s free tier, also played a key role, generating $354 million. This ad-supported segment represents nearly 25 percent of Latin music’s streaming income, a share more than double the 10 percent it holds in the broader U.S. market. This disparity highlights the genre’s unique ability to reach wide audiences through free-access platforms.
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Surprising resurgence in physical sales
Physical sales staged an unexpected comeback in 2024. CD sales, in particular, soared by 62.6 percent, jumping from $1.6 million in 2023 to $2.6 million in 2024. This resurgence, though a small fraction of total revenue, signals a niche but growing demand for tangible music formats among Latin music fans, defying the industry’s digital-first trend.
Global and cultural context
In Latin America, recorded music revenues grew by 22.5 percent in 2024, per the International Federation of the Phonographic Industry (IFPI), with Mexico overtaking Australia to become the world’s tenth-largest music market. Artists like Bad Bunny and Peso Pluma have fueled this momentum, with Regional Mexican music emerging as the dominant Latin subgenre in the U.S.
Growth slows amid industry trends
Despite its achievements, Latin music’s growth rate dropped to 5.8 percent in 2024 from 16 percent in 2023. This slowdown aligns with broader U.S. music industry trends, where total recorded music revenues reached $17.67 billion in 2024, up just 3.3 percent from the prior year, with streaming comprising 84 percent of the total.
Latin music’s share of the U.S. market edged up to 8.1 percent from 7.9 percent in 2023, but the decelerating growth rate suggests potential market saturation or a plateau in streaming revenue expansion.
Industry leaders remain bullish on Latin music’s future. Rafael Fernandez Jr., RIAA’s Senior Vice President of State Public Policy & Latin Music, praised the genre’s trajectory, saying, “I’m heartened by the continued explosive popularity of Latin music across the U.S. as artists and labels forge new ways to connect with fans.”
