Photo courtesy of BELatina.

In recent years, and despite the impact of the Covid-19 pandemicwe saw latin artists to conquer digital platforms, large-scale award shows and filling stadiums.

Undoubtedly, the music of our community has conquered all corners of the globe and is now one of the most profitable music genres.

According to a new RIAA report Released on Tuesday, U.S. Latin music revenue soared in 2021, up 35% to $886 million — the highest figure in history before adjusting for inflation.

That figure far outpaced the overall recorded music revenue growth rate, which rose 22%, according to the RIAA’s year-end report released last month. Variety reported.

“Latin music continues to rise – fueling the global music market and posting its highest revenue ever last year at $886 million. With growth of 35% – far exceeding the overall growth rate of recorded music revenue – Latin music is connecting with fans in historic ways,” RIAA COO Michèle Ballantyne wrote in the report. “In a year where Bad Bunny was the most-streamed artist in the world, stars like Becky G and Anitta churned out chart-topping hits after chart-topping hits, and audiences happily flocked to the Latin-powered stadiums and arenas as as the live performances ramped up. back up, the Latin label crews and artists continue to soar to new heights.

As the report explains, in 2021, Latin music revenue in the United States grew by double digits, continuing a trend that began six years ago. While $886 million is a record, with adjustments for inflation, 2021 is still 16% below the best year value for Latin music, 2005. Latin music revenue share in the United States United rose to 5.9% from 5.4% in 2020.

The streaming format’s revenue grew 36% to a record $857 million in 2021 and accounted for 97% of Latin music revenue. Paid subscriptions continued to be the primary driver of Latin music revenue growth. Paid subscription revenue increased 35% to $593 million, representing more than 2/3 of total Latin music revenue in the United States in 2021.

Ad-supported on-demand streams (from services like YouTube, Vevo, and the free version of Spotify) grew 46% year-over-year to $187 million. This represents a return to new growth in this category, where a larger drop in advertising due to COVID-19 had a big impact. Compared to overall US music revenue, this ad-supported category has a much higher market share, with 21% of total Latin music revenue, compared to 12% overall.

You can read the full report here.

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