Latin Music Sees a Double-Digit Growth Again and Reaches Over $1 Billion in Revenue

Latin Music Sees a Double-Digit Growth Again and Reaches Over $1 Billion in Revenue
Credit: Toglenn, CC BY-SA 4.0 , via Wikimedia Commons (Bad Bunny); Telenord, CC BY 3.0 , via Wikimedia Commons (Karol G); Jeff Pinilla, CC BY 3.0 , via Wikimedia Commons (J Balvin); Sony Music Entertainment Sweden via Mynewsdesk, CC BY-SA 4.0 , via Wikimedia Commons (Ozuna)

Latin music in the United States is proving to be a force to be reckoned with.  

According to a report conducted by the Recording Industry Association of America, which is commonly known as RIAA, Latin music revenue in the U.S. reached a jaw-dropping level after hitting $1.1 billion in 2022. The report states that this is the industry’s second year of double-digit growth; it had an annual increase of 24 percent.  

This should come to no one’s surprise considering Latin music artists have been breaking records in the last few years. Also, the “Bad Bunny effect” had plenty to do with it as people devoured his music and events to no end last year.  

“U.S. Latin music revenues in 2022 exceeded $1 billion for the first time and grew significantly faster than the broader industry. That sustained expansion speaks to an openness to new artists, music and ways of listening,” said Rafael Fernandez Jr., RIAA’s senior VP of state public policy and industry relations in an official statement about the news. 

Who is RIAA?

As per Music Business Worldwide, RIAA is a trade body representing the interests of the recorded music business in the United States. The organization runs reports based on three major record companies: Universal Music, Sony Music, and Warner Music. They happen to be RIAA members and allegedly make up about 85 percent of recorded music produced and sold in the United States. Other members include Disney Music Group, Tommy Boy, Partisan Records, and Concord. RIAA also acts as an industry advocate as it fights against piracy and music copyright infringement, among other issues. 

Their data makes sense. After all, Ozuna and J Balvin both have music videos on YouTube with over a billion views and Karol G is Vevo’s most-viewed global artist.  

The power of Latin music

It is of note that vinyl still brought home $9.1 dollars in Latin music shares and CD revenues generated $3.1 million. How great is it to know that people are still buying CDs? However, digital streaming platforms such as Pandora and SiriusXM saw a decrease in revenue from Latin music; it went down to $73 million. Permanent downloads suffered as well – it only contributed 1 percent of the Latin music revenue. 

By the looks of it, Latin music is on a hot strike. Despite language barriers and not understanding cultural references in the lyrical content, people are still flocking to the beats brought by our favorites. Let this be a lesson for those who think people must speak the same language to obtain respect. It is evident that it doesn’t matter. People can respect the unknown without being bigots.  

Truly, with everything going on in the world right now, it is great to see people find unity in music.  

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