US industry body the RIAA has published its latest analysis of revenues for Latin music in the US. It shows that in 2020 it accounted for 5.4% of the overall market, up from 5% in 2019.
Latin music revenues grew by 19% in 2020 to $655m at estimated retail value. That’s more than double the 9.2% growth for the overall recorded music market in the US last year.
Streaming is absolutely the engine here: paid subscription streams generated $439m for Latin music last year in the US, and on-demand ad-supported streams another $128m, meaning that streaming overall was 86.6% of revenues for this sector. Add in revenues from digital and personal radio services ($63m) and you’re left with just 2.9% of the US Latin music market being physical and digital sales.
Image by JStone / Shutterstock.com
Music Ally’s next Learn Live webinar will help you understand what’s required for artists to thrive in new international markets!