MBW known as it a 12 months in the past, and now we will say we had been proper: US revenues from Latin recorded music shot previous the USD $1 billion mark in 2022.
In keeping with knowledge launched right this moment (April 12) by the RIAA, whole retail revenues generated by Latin recorded music within the States got here in at $1.09 billion final 12 months, a rise of 23.8% YoY from 2021.
The numbers present Latin music continues to develop as a power 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 report excessive of $15.9 billion.
Latin music had a market share of 6.9% of all recorded music income final 12 months (see under), an all-time excessive for the style, the RIAA mentioned, and up from 5.9% in 2021.
This represents large development within the reputation of Latin music within the States.
As just lately 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 whole US streaming revenues final 12 months, in line with MBW calculations of RIAA knowledge (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 12 months of sturdy development within the variety of subscribers to paid streaming providers, with whole U.S. subscribers rising to 92 million in 2022, the RIAA mentioned.
MBW calculations based mostly on the most recent RIAA knowledge 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 famous earlier than, ad-supported on-demand streaming makes up a bigger a part of the Latin music market than what we see within the music market general, and 2022 was no exception.
Advert-supported video streaming, comparable to YouTube, and audio streaming, comparable to 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 section grew 24% YoY in comparison with 2021, to a complete of $230 million.
MBW’s calculations, once more based mostly on RIAA knowledge, present that Latin music’s market share of on-demand, ad-supported streaming within the US final 12 months surpassed 12.7% (see above).
Nonetheless, revenues from digital and customised radio providers – suppose Pandora, SiriusXM and web radio (i.e. non-on-demand) – dropped by 5% YoY, to $73 million.
That’s probably a mirrored image of the decline in advert charges seen amongst some media in 2022, and never a sign that Latin music is turning into much less in style on these platforms.
And in an indication of simply how intensely music listeners are switching to streaming providers, everlasting downloads of music information within the Latin style fell by 15% in comparison with the 12 months earlier than, accounting for simply $11.7 million of Latin music’s income.
Nonetheless, the small however important pattern of some customers transferring again to bodily music media continued in 2022.
“When Unhealthy Bunny’s Un Verano Sin Ti turned 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 scorching 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 that bodily music media within the Latin style barely outsold file downloads.
“Latin music has gone mainstream within the US, and is having an enormous inventive and business influence,” Alejandro Duque, President of Warner Music Latin America, instructed MBW final 12 months.
“Latin artists will proceed to account for an rising proportion of worldwide hits, pushed by excessive streaming numbers within the area and by successful new followers over around the globe.”
Duque added that he expects to see an increasing number of cross-cultural collaborations “not simply with Anglo stars, however with artists from all around the world. For instance, there are significantly sturdy connections between Latin and African music that provide all types of thrilling alternatives.”
Discussing the brand new figures, Rafael Fernandez Jr., RIAA’s SVP, State Public Coverage & Trade Relations, mentioned in an announcement: “When Unhealthy Bunny’s Un Verano Sin Ti turned 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 scorching streak was simply lighting up.
“That sustained enlargement speaks to an openness to new artists, music and methods of listening.”
You may 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