Majority of Latin music income came from streaming
Revenues from Latin music artists in the United States broke records in 2022. According to data released by RIAA (acronym for American Recording Industry Association), the genres grossed more than US$1 billion (about R$5 billion).
The numbers represent growth of 24% in relation to the previous year, as pointed out by the NBC News. Most revenue comes from streaming services (97%) – percentage than 25%. Of this amount, paid subscriptions account for 71% compared to other digital formats.
“When A Summer Without Youdisc of Bad Bunnybecame the first album to reach the top of the Billboard 200, or when Becky G, Daddy Yankee, Jay Cortez, Karol G, Luis Miguel, Rosalía It is Sofia Reyes reached the mainstream, it was clear that the rise of Latin music was just beginning,” said rafael fernandezexecutive industrial relations at the RIAA.
Adjusted for inflation, revenue for 2022 is just 3% behind the highest number recorded in 2005. Sales of recorded songs, however, managed to reach a record high of 6.9%.
Source: Rollingstone
Earl Johnson is a music writer at Gossipify, known for his in-depth analysis and unique perspective on the industry. A graduate of USC with a degree in Music, he brings years of experience and passion to his writing. He covers the latest releases and trends, always on the lookout for the next big thing in music.
