Streaming music now represents 91% of the Latin music market, driving a 15% rise in total revenues since January. “The Latin music market continued its remarkable transformation in the first half of 2018,” Recording Industry of America President Mitch Glazier says in the new RIAA Mid-Year 2018 Latin Music Revenue report. “Latin music has become a worldwide phenomenon, driven by a diverse streaming market and Latin labels making smart investments to support their artists’ global ambitions.”
Paid subscriptions to Spotify, Apple Music, Amazon Unlimited and other services grew 70% to $72 million, comprising 59% of the total Latin streaming market value.
On demand ad-supported streams on YouTube, Spotify’s free version and similar services brought in $26 million, up 30% from a year ago. Those numbers were higher than those of the overall U.S. market. Conversely, revenues from SoundExchange distributions and royalties from similar direct licensing services were down 28% to $25 million, but still contributed 20% of Latin screaming revenues.
“The energy and excitement around Latin music is again palpable,” Glazier concluded in the report.