MBW called it a year ago, and now we are able to say we had been proper: US revenues from Latin recorded music shot previous the USD $1 billion mark in 2022.
In keeping with information launched as we speak (April 12) by the RIAA, complete retail revenues generated by Latin recorded music within the States got here in at $1.09 billion final yr, a rise of 23.8% YoY from 2021.
The numbers present Latin music continues to develop as a pressure within the US music scene.
Its income enhance was significantly bigger than income development for the US recorded music trade as a complete, which was up 6.1% YoY in 2022, to a record high of $15.9 billion.
Latin music had a market share of 6.9% of all recorded music income final yr (see under), an all-time excessive for the style, the RIAA mentioned, and up from 5.9% in 2021.
This represents super development within the recognition of Latin music within the States.
As not too long ago as 2017, the style accounted for simply 3.97% of US recorded music income.
Latin music’s income from streaming alone additionally surpassed the $1 billion mark in 2022, and accounted for 97% of all income generated by Latin music within the US.
Latin music, in flip, claimed an 8% market share of complete US streaming revenues final yr, in response to MBW calculations of RIAA information (see above).
Paid subscriptions noticed the strongest income development for Latin music in 2022, up 28.7% YoY to $758.3 million.
That was pushed by one other yr of robust development within the variety of subscribers to paid streaming companies, with complete U.S. subscribers rising to 92 million in 2022, the RIAA mentioned.
MBW calculations based mostly on the latest RIAA data present that Latin music claimed a 7.4% market share of the US’s subscription/paid music streaming market in 2022 (inclusive of each premium and ‘restricted tier’ subscription merchandise).
As MBW has noted before, ad-supported on-demand streaming makes up a bigger a part of the Latin music market than what we see within the music market total, and 2022 was no exception.
Advert-supported video streaming, resembling YouTube, and audio streaming, resembling Spotify’s free service, accounted for 21% of all Latin music streaming income within the US, in comparison with 11% for the general recorded music market.
Income on this phase grew 24% YoY in comparison with 2021, to a complete of $230 million.
MBW’s calculations, once more based mostly on RIAA information, present that Latin music’s market share of on-demand, ad-supported streaming within the US final yr surpassed 12.7% (see above).
That’s seemingly a mirrored image of the decline in advert charges seen amongst some media in 2022, and never a sign that Latin music is changing into much less well-liked on these platforms.
And in an indication of simply how intensely music listeners are switching to streaming companies, everlasting downloads of music recordsdata within the Latin style fell by 15% in comparison with the yr earlier than, accounting for simply $11.7 million of Latin music’s income.
Nonetheless, the small however important pattern of some shoppers transferring again to bodily music media continued in 2022.
“When Unhealthy Bunny’s Un Verano Sin Ti grew to become the primary non-English language album to ever high the Billboard 200, or Becky G, Daddy Yankee, Jhay Cortez, Karol G, Luis Miguel, Rosalia and Sofía Reyes hit the mainstream, it was clear Latin music’s sizzling streak was simply lighting up.”
Rafael Fernandez Jr., RIAA
Latin music gross sales within the vinyl format grew by 67% YoY, to $9.1 million, whereas CD gross sales had been up 60% YoY to $3.1 million. Which means bodily music media within the Latin style barely outsold file downloads.
“Latin artists will proceed to account for an rising proportion of worldwide hits, pushed by excessive streaming numbers within the area and by profitable new followers over all over the world.”
Duque added that he expects to see increasingly more cross-cultural collaborations “not simply with Anglo stars, however with artists from everywhere in the world. For instance, there are significantly robust connections between Latin and African music that provide all kinds of thrilling alternatives.”
Discussing the brand new figures, Rafael Fernandez Jr., RIAA’s SVP, State Public Coverage & Business Relations, mentioned in a press release: “When Unhealthy Bunny’s Un Verano Sin Ti grew to become the primary non-English language album to ever high the Billboard 200, or Becky G, Daddy Yankee, Jhay Cortez, Karol G, Luis Miguel, Rosalia and Sofía Reyes hit the mainstream, it was clear Latin music’s sizzling streak was simply lighting up.
“That sustained enlargement speaks to an openness to new artists, music and methods of listening.”
You’ll be able to obtain the RIAA’s full annual report about Latin music’s success within the US in 2022 through here, or see a snapshot of the important thing numbers under.
Music Enterprise Worldwide