Latin music revenue in the U.S. soared to $1.4 billion in 2023, marking a significant 16% increase from the previous year as reported by the Recording Industry Association of America (RIAA). This growth also led Latin music's market share in the overall U.S. music market to rise to 7.9%, a new peak according to Variety. This surge was linked to the genre's popularity among a new generation of stars and the widespread accessibility of streaming platforms.
RIAA's Rafael Fernandez Jr. pointed out that Latin music has witnessed a remarkable expansion in the U.S. over the past decade. He highlighted the influence of streaming services that have made this vibrant sector easily accessible to a broader audience. The success of artists like Karol G and Peso Pluma played a pivotal role in this upward trend, with Karol G making history by being the first Latina woman to top the Billboard 200 with an all-Spanish-language album, "Mañana Será Bonito," while Peso Pluma claimed a notable position on the Billboard 200 with "Genesis."
Streaming platforms significantly contributed to Latin music revenue, generating over 98% of the total earnings, with paid subscriptions being the primary driver. Additionally, platforms like YouTube, Vevo, and social media platforms played a considerable part, accounting for about a quarter of the Latin market's total value. Despite the digital shift, traditional formats like vinyl albums and digital and customized radio services continued to hold a significant share in the market. RIAA's vice president, Matthew Bass, acknowledged the impact of Latin music on the U.S. market and emphasized the role of streaming in fostering connections between fans and new music styles.