Latin music has been growing at a fast pace and has just reached a milestone.  According to  the report released this month  by the Recording Industry Association ofAmerica (RIAA),  in 2022 Latin music revenue exceeded $1 billion for the first time, as well as yielding a 24% annual increase, surpassing the musical industry in general.

According to a report by NBC News, “When Bad Bunny’s Un Verano Sin Ti became the first non-English language album to ever top the Billboard 200 or [when] Becky G, Daddy Yankee, Jhay Cortez, Karol G, Luis Miguel, Rosalia and Sofía Reyes hit the mainstream, it was clear Latin music’s hot streak was just lighting up”, Rafael Fernandez, RIAA’s senior vice president of state public policy and industry relations, said in the report. That sustained expansion speaks to an openness to new artists, music and ways of listening”.

According to the report, the bulk of Latin music revenues were almost entirely made up of streaming at 97 percent, growing 25 percent year-over-year to $1.06 billion. Paid subscriptions were largely responsible for the growth, accounting for 71% of overall streaming revenues and outpacing other digital formats.

After adjusting for inflation, the revenues were just 3% shy of reaching the all-time high from 2005, the report noted. Overall, the share of U.S. recorded music revenues from Latin music reached an all-time high of 6.9%, a 1% increase from 2021. Ad-supported on-demand streams from platforms like YouTube, Vevo and Spotify's free version saw an annual increase of 24% to $230 million, indicating a double-digit growth for the category”, NBC noted according to the report.

“Revenues decreased 5% to $73 million in customized radio services like internet radio, Pandora and SiriusXM. The category accounts for 7% of overall streaming revenues”.

According to NBC, “Latin music also saw decreases in permanent downloads in 2022 as it decreased by 15% from the previous year. Despite contributing a small portion of revenue, CD and vinyl formats saw significant increases in 2022 — up 60% to $3.1 million for CD revenues and up 67% to $9.1 million for vinyl albums”.