Streaming continues to drive the genre’s growth, while physical revenue saw a sharp decline year-over-year.
U.S. Latin music revenue increased 15% to a record high of $627 million in the first half of 2023, according to the RIAA’s mid-year Latin music report released Wednesday . The new milestone for the genre follows Latin music revenuelast year, exceeding the $1 billion mark with 24% growth that outpaced the overall market.
According to the report, streaming continued to drive an “overwhelming” portion of the genre’s growth, accounting for 98% of revenue. Latin music’s share of overall U.S. recorded music revenue grew from 7.1% in the first half of 2022 to a new pinnacle of 7.5% in the first half of 2023.“U.S. Latin music revenues reached an all-time high in 2022, and the growth has continued mid-year into 2023.
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