Latin Music US Recorded Income Hits Document $886M in 2021: RIAA

Latin music continued its relentless growth path within the U.S. final 12 months, with recorded revenues reaching $886 million, in keeping with a year-end report launched by the RIAA Tuesday (April 12). That’s the best determine ever for Latin music earlier than adjusting for inflation and marks total income progress of 35% in comparison with 2020 — far outpacing the 23% progress charge seen within the total U.S. music market, as beforehand reported by the RIAA.

“With progress of 35% – far surpassing the general progress charge for recorded music revenues – Latin music is connecting with followers in a historic means,” stated RIAA COO Michèle Ballantyne in a press release included within the report.

The 2021 numbers mark the sixth consecutive 12 months of double-digit progress in income for Latin music, which is outlined as music recorded predominantly in Spanish. Regardless of that, after adjusting for inflation, the $886 million quantity remains to be 15% beneath the worth of Latin’s strongest 12 months, which occurred in 2005.

Lifted by Latin America’s streaming energy and a bigger-than-ever output of recorded materials, Latin music has seen consumption multiply worldwide, together with within the U.S., the place Latin’s share of U.S. music revenues grew from 5.4% in 2020 to five.9% in 2021.

Streaming codecs made up the majority of all Latin music revenues, accounting for 97%. Inside that, paid music subscriptions have been the most important driver of income progress, growing 35% to $593 million and accounting for greater than two-thirds of all U.S. Latin music revenues.

Advert-supported on-demand streams additionally grew, to $187 million, a rise of 46% over 2020. That class continues to over-index in Latin music, accounting for 21% of all revenues, in comparison with 12% for the market total. Digital radio, together with Pandora and SiriusXM, registered 22% progress to hit $77 million after a slight decline in 2020.

Income from CD and vinyl gross sales grew 71.2%, from $4.5 million to $7.7 million. Nevertheless, that also accounts for lower than 1% of all Latin music income, signaling extra room for progress within the class.

Latin music’s stellar progress within the RIAA report runs parallel to the consumption achieve reported in MRC Knowledge’s year-end report, which confirmed Latin having fun with 21.2% progress in whole album consumption in 2021, second solely to the comedy music style.