(CelebrityAccess) — Latin music continued its run in the U.S. in 2021, with revenue from recorded music reaching $886 million for the first time, according to a new report released by the Recording Industry of America.
Adjusted for inflation, that’s the single highest figure ever reported for Latin music in the U.S. and represents revenue growth of 35%, compared to the previous year and well ahead of the 23% growth reported by the RIAA in 2020.
However, despite the strong results in 2021, it was 15% lower than 2005 when Latin music enjoyed its banner year.
In all, Latin music represented 5.9% of the overall music market in the U.S., up slightly from 2020 when it accounted for 5.4%.
Unsurprisingly, streaming proved to be a key driver for Latin music in 2021 with revenue from all streaming formats up by 36% to an all-time high of $857 million, or 97% of all revenues.
Revenues from paid subscriptions grew 35% to $593 million, while ad-supported streaming saw growth of 46% year-over-year, to $187 million.
Physical media, such as vinyl records, accounts for less than 1% of Latin music revenues, but the segment saw significant growth in 2021 with sales from physical up by 71% to $7.7 million. The sales were led by increases in vinyl, which was up 76% to $5.8 million, and CDs, which accounted for $2 million in revenue, up by 44% from the previous year.
“Latin music continues to rise – powering the overall music market and reporting its highest revenue figure in history last year at $886 million. With growth of 35% – far surpassing the overall growth rate for recorded music revenues – Latin music is connecting with fans in a historic way. In a year when Bad Bunny was the most streamed artist in the world, stars like Becky G and Anitta pumped out chart topping hit after chart topping hit, and audiences joyfully flocked to Latin-powered stadium and arena shows as live performance ramped back up, Latin label teams and artists continue soaring to new heights. RIAA is proud to celebrate the cultural power and creative and commercial success of Latin music reflected in this report – and salutes the incredibly talented artists and label teams that gave us so much in 2021,” said Michèle Ballantyne, COO, RIAA.
