Latin Music Soars Globally: Bad Bunny and Karol G Lead Industry Growth in 2024, RIAA Reports Revenue of $685 Million

Latin music continues to dominate the global market, with top artists like Bad Bunny and Karol G achieving major success in 2024. According to the Recording Industry Association of America (RIAA), the Latin music industry in the United States reached an impressive milestone, generating $685 million (approximately Rp10.48 trillion) in revenue during the first half of the year. This growth was fueled by strong physical sales and streaming figures, as detailed in a report published by Variety.

Bad Bunny and Karol G: Dominating the Charts in 2024

So far, 2024 has seen Latin superstars such as Bad Bunny and Karol G continue their reign on the music charts. Other notable artists within the musica mexicana genre, including Peso Pluma, Fuerza Regida, Junior H, and Grupo Frontera, have also experienced chart-topping success. The rise of these artists has significantly contributed to Latin music's soaring popularity, not only in the U.S. but also across the globe.

Latin Music Outpaces the General Market for Three Consecutive Years

The RIAA report highlights that Latin music has experienced faster growth than the general music market for three consecutive years. In the first half of 2024 alone, Latin music saw a 7% increase in revenue. While this figure marks a slowdown compared to last year’s impressive 15% growth, it still demonstrates Latin music’s continued upward trajectory.

Streaming remains a key driver of this growth, contributing two-thirds of the record-breaking revenue seen in the first half of the year. Both paid and ad-supported streaming platforms have played a critical role in Latin music’s success.

Karol G

Streaming: The Engine Behind Latin Music's Growth

Streaming platforms such as YouTube, Vevo, and the free version of Spotify are key players in the growth of Latin music in the U.S. In fact, ad-supported and on-demand streaming services saw a 10% revenue increase in the first half of 2024 compared to the previous year. These platforms accounted for a quarter of the total revenue from Latin music recordings, which is more than double their contribution to the broader music market.

RIAA President and CEO Michele Ballantyne praised the genre's explosive growth, stating, “Latin music continues to soar to new heights, breaking revenue records in the U.S. as we reported today, and pushing the boundaries of music culture worldwide.”

She also emphasized the unique appeal of Latin music, noting, “There’s a reason why the Latin genre is the fastest-growing on streaming platforms in the U.S. Fans can’t get enough of the undeniable energy, emotion, and excitement it brings.”

Digital Platforms Power 98% of Latin Music Revenue

The report further reveals that digital platforms, including paid streaming, ad-supported services, online radio, and digital downloads, were responsible for 98% of the total revenue generated by Latin music in the first half of 2024. Paid streaming services, in particular, have been a major source of income, with ad-supported platforms also contributing significantly to the genre's success.

Physical Sales on the Rise: Vinyl and CD Sales Increase in 2024

Despite the dominance of digital platforms, physical sales of Latin music have also seen significant growth in 2024. CD sales surged by 21% compared to the same period in 2022, generating $2 million (approximately Rp31 billion) in revenue. The resurgence of vinyl records has also contributed to this trend, with sales increasing by 21% to $7 million (around Rp109 billion) over the past two years.

While vinyl still accounts for only 1% of the total revenue from Latin music in the U.S., it has played a crucial role in the broader music market, making up 9% of the industry’s total revenue.

The Future of Latin Music: A Global Phenomenon

Latin music's rapid rise to the forefront of the global music scene shows no signs of slowing down. With established superstars like Bad Bunny and Karol G leading the charge and emerging artists from the musica mexicana genre gaining traction, the industry is poised for continued growth. As streaming platforms remain the dominant force driving revenue, the genre is expected to reach even greater heights in the coming years.

In conclusion, the Latin music industry is not only thriving but also reshaping the global music landscape. With impressive revenue figures, growing physical sales, and an ever-expanding fan base, Latin music is set to remain a powerful cultural force well beyond 2024.