Latin Music wasn’t made popular in 2017. Despacito by Luis Fonsi wasn’t the only song that ever sprung in Latin that made this genre of music endemic. Lest we forget, in 2014, Enrique Iglesias introduced Latin music through Bailando. Soon after in 2015, Enrique with Nicky Jam came with El Perdon. Also, Shakira, on the other hand, was doing Latin Music since 2000. Her songs, La Tortura, Loca, etc. were popular but how many were acquainted or even familiar with the concept that Latin Music would be a shocker for the global music market?
The Recording Industry Association of America (RIAA), recently released the figures for the U.S. Latin Music revenue for H1/2019.
During the first half of 2019, the U.S. Latin music business grew rapidly. The Latin music industry revenue grew by 13.5% to USD 232 million. The total streaming revenues grew by 17% to USD220 million, thereby, accounting for 95% of the Latin music market.
Paid-streaming for Latin Music on OTTs such as Apple Music, Spotify, Amazon Music Unlimited, Tidal, etc. pushed the growth by 25% or USD 146 million. Ironically, in the U.S. as opposed to the music market in India, the ad-supported music market grew by 4% or USD44 million. The distribution companies for Latin Music such as SoundExchange grew by 5% or USD30 million. However in 2018, for the same duration, the Latin music revenues from SoundExchange distributions and royalties from similar directly licensed services were down 28% to $25 million, but still contributed 20% of Latin streaming revenues.
Similarly, RIAA mid-year U.S. music revenue report for H1/2019 disclosed that streaming revenue grew by 26% or USD 4.3 billion. The report project that the U.S. recorded music market generated USD5.39 billion across all formats during this period.
Interestingly, in H1/2018, the Latin Music industry represented 91% of the entire market.
Therefore, H1/2019 has marked a progression for the Latin music market until now.
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