Latin Music Revenue Up 19% In 2020, According To RIAA

RIAA

As reported by BILLBOARD, the RIAA 2020 LATIN Music Revenue Report, shows LATIN music performed predominantly in SPANISH grew for the fifth consecutive with total revenues up 19%, more than double the 9.2% for the overall music industry. That is an estimated retail value of $655 million, making LATIN music 5.4% of the total percentage of the market.

LATIN music streaming revenues grew by 20%, making it 96% of total LATIN music revenues. In comparison, streaming growth for the overall market was 13.4%, and as a percentage of total U.S. revenue, streaming accounted for 82.9% in 2020. It pushed the growth of paid subscriptions, with revenue rising from $342.2 million in 2019 to $439 million in 2020, which is a 28.3% increase. Paid subscriptions now make up 20% of LATIN music revenues. On-demand or ad-supported streaming rose 6.2%, from $120.8 million in 2019 to $128.3 million in 2020, making up 20% of total revenues (compared to 12% of revenues of the market as a whole).

LATIN music accounts for 15% of the RIAA's Gold & Platinum Awards, "overperforming its relative size," according to a blog published in Medium by RIAA Chief Operating Officer MICHELE BALLANTYNE.

"With so many sources of income cut off for artists, songwriters, and performers, labels' innovation of new streaming models has sustained millions in both music and the broader, connected economy," wrote MICHELE BALLANTYNE. "An indispensable and growing part of that economic bedrock is the continuing success of Latin music — powered by songwriters, artists, and labels committed to finding and sharing great music across all cultures, audiences, and communities."

According to Nielsen Music, and Spotify Latin music was the fastest-growing genre in the U.S. in 2020, and the fifth-largest overall (behind hip hop, pop, rock, and country).

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