Latin Music Revenue Hits Peak of $627 Million in First Half of 2023; Spanish Is Second Most Listened-to Language in U.S.

Luminate's Latin Music Report also found that Hispanic listeners are turning to Whatsapp to communicate and discover new music trends.

These landmarks follow a breakthrough year for Latin music revenue in 2022 when the genre hit an all-time high of $1.1 billion. In 2023, the genre is on track for another record-breaking year as thealso suggests the uptick was struck thanks to buzzy newcomers from subgenres including regional Mexican, a fast-evolving landscape that logged an increase of 56% in this year alone. Spanish hitmakers likehave already dipped their toes in the market which has collected a total of 14.

Still, the main proponent of this growth, accounting for 98% of Latin music revenues, is streaming. Paid subscriptions hit a total of $431 million, totaling more than two-thirds of total revenues. Additional revenue from digital and customized radio services grew 13% to $36 million — increasing greatly after experiencing a 5% dip in 2022 — to make up 6% of total Latin music revenue.

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