When you think about the current music environment, it would not be surprising if hip-hop or pop artists immediately come to mind. While these are currently the two most popular genres in streams and revenue, it is another genre that has been consistently displaying an incredibly large level of growth – Latin music. Let’s take a look at the rapid increase in popularity of Latin American music and what it means for the overall music industry.

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Latin Music Sees Stunning Revenue Growth

When you want to get a sense of trends in the music industry, the best thing to look at is revenue. Revenue is a great indicator of current trends in music and critical for forecasting the future of the music industry.

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The RIAA has projected that Latin music will generate over $1 billion in revenue in 2022 in the U.S. market, an impressive feat that shows promise for the genre long term. In fact, the revenue growth of Latin music over the past few years is nothing short of extraordinary.

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When looking at H1 performance in 2022 compared to 2021, Latin music saw growth of 24.2% INdigital subscription and streaming paired with a growth of 81.8% in the value of physical units sold. This level of growth in only a period of a year is impressive and shows the rapid rise of the genre in terms of popularity.

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Perhaps the biggest data point highlighting the rise of Latin music is that its popularity is growing at a level much greater than the overall music market. Latin American music has saw annual growth rates near 30% in recent years compared to the typical market growth of13%.

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"The results are easily noticeable "

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Latin Music Is Becoming a Global Phenomenon

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What is driving the impressive growth in Latin music? Thereare many answers behind this question; however, it ultimately comes down to the genre’s diversity and adaptability. Latin music comprises a large blend of different styles. Additionally, the genre has increasingly incorporated themes and sounds from hip hop and trap music to create a unique, catchy new sound.

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The results are easily noticeable. For example, Latin music comprises 13% of the entries on Billboard’s Top 200 chart, trailing only hip hop and pop in popularity. With Latin music comprising 6% of the overall U.S. market revenue yet 13% of the most popular songs, it appears a given that this growth will continue.

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Another factor driving the growth of Latin music is social media and digital services. Many artists have turned to social networks like TikTok to increase their listener base while fans readily share new sounds. Digital streaming services have also increased access to new music, making it easier for people to discover different genres and artists.

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The growth of Latin music is further highlighted by research that shows that 40%of its consumers do not identify as being Latin, Hispanic or Spanish in origin. This further shows that the genre is becoming a household sound that spans cultures, age groups, and borders.

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