Latin Music Revenue Reaches Record High Of $627M At Mid-Year 2023, RIAA Reports

New York, NY (Top40 Charts) U.S. Latin music revenues increased 15% to a record high of $627 million. Streaming continued to drive an overwhelming portion of the growth, accounting for 98% of revenues. Latin music's share of overall U.S. recorded music revenues grew from 7.1% in first half 2022 to a new pinnacle of 7.5% in first half 2023. (Please note RIAA Latin music reports now include revenues from social media platforms such as Facebook, TikTok, and YouTube Shorts. Data for 2022 is revised to include these sources, in addition to other revisions).

Paid subscriptions comprised more than two-thirds of total Latin music revenues, and grew faster than ad-supported streaming formats at 23% year-over-year to $431 million.
The average number of paid subscriptions in 1H 2023 reached a record 96 million (though that figure is across all genres and not specific to Latin music).

Ad-supported on-demand music streaming revenues (from services like YouTube, the free version of Spotify, and social media platforms) continued to make up a larger percentage of revenues for Latin music (23%) than for U.S. recorded music overall (10%). However, ad-supported revenues of $148 million were virtually flat year-over-year, reflecting broader economic challenges in the advertising market.
Revenues from digital and customized radio services (such as Pandora, SiriusXM, and internet radio services) grew 13% to $36 million - rebounding from a 5% decrease in 2022 - and making up 6% of total Latin music revenues.
Permanent downloads fell 21% from the same period last year to $4.8 million, dropping to less than 1% of total revenue. After growing in 2022, physical formats also totaled less 1% at $4.7 million, resulting in a 37% decline in first half 2023.