RIAA's just-out year-end U.S. Latin music revenue report for 2021 shows a sixth consecutive year of double-digit growth for the genre, with revenue up 35% from 2020 to $886 million, the highest recorded figure (before adjusting for inflation) in history. According to RIAA, Latin music's level of growth outpaced that of the overall recorded music business, as recently reported. Latin’s share of total U.S. music revenue also continues to grow, from 5.4% in 2020 to 5.9% in 2021.
Streaming, accounting for 97% of Latin music revenue in 2021, saw a 36% gain from 2020 to a best-ever $857 million, driven by paid subscriptions' 69% share of streaming revenue, itself up 35% to $593 million. Making up 9% of Latin music streaming revenue is radio's share from digital and customized services such as SiriusXM and Pandora, which grew 22% to $77 million in 2021 following a slight decline in 2020.
“Latin music continues to rise, powering the overall music market and connecting with fans in a historic way,” RIAA Chief Operating Officer Michèle Ballantyne says. “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.”
Sources of revenue impacted by COVID during 2020 rebounded in 2021, including ad-supported on-demand streams from services like YouTube and the free version of Spotify, up 46% to $187 million, and physical formats such as vinyl LPs and CDs, up 71% to $7.7 million. The only down category is revenue from permanent downloads of Latin music, accounting for just 1.5% of revenues and off 5% vs. 2020, to $14 million.