Latin music revenue grew 36.6% year over year in the U.S. during 2021’s opening half, according to a newly released report from the RIAA, for $407.4 million in revenue across the first half (H1) of 2021 which equates to about 62% of 2020’s total Latin music income.
In the U.S., Latin music earnings attributable to streaming shot up 37.3% from 2020’s H1, per the RIAA’s compact analysis, to $393.1 million, almost 96.5% of total income in the genre. Within this continued double-digit streaming growth, earnings from paid music subscriptions hiked 41.4 percent year over year, to about $278.5 million, the report reveals.
For reference, a different RIAA report a month ago indicated that the overall U.S. music industry had experienced 27% year over year growth during H1 2021, including a 26% year over year jump for streaming, which was responsible for 84% of total revenue. Paid streaming subscriptions in the broader U.S. music industry matched streaming’s growth rate and generated 26% more revenue in H1 2021 than in H1 2020.
In Latin music’s half-year analysis, though, ad-supported streaming brought a 30.2% YoY revenue increase during H1 2021, with $77.4 million in revenue. Strikingly, this dollar figure represents almost 19% of total U.S. Latin music earnings, substantially more than ad-supported streaming’s share in the broader domestic music industry throughout Q1 and Q2 2021.
Lastly, in terms of the RIAA’s Latin music H1 2021 statistics, including “estimates for both major record label and indie-distributed Latin music”, income from physical formats rose an even 77% year over year, to $2.7 million. CDs surprisingly or to some not surprisingly, enjoyed 121.2% sales-value growth compared to the same stretch in 2020, against 30.9% growth for vinyl. And Latin music’s sync royalties improved by 50.3%, to $4.5 million.
Last month, a study revealed the music-streaming habits of U.S. fans. 68.4% of Gen Z respondents listed Spotify as their preferred platform, followed by Apple Music. The Stockholm-based streaming service likewise took the top spot on the list of millennial fans’ favorite ways to stream music. Gen Xers, however, preferred YouTube Music to Spotify with over 26% of the generation having indicated that they don’t stream music at all.
Evidence of the international growth of streaming, 2021’s first six months brought a 27.5% year over year boost to global song streams (1.3 trillion), per MRC Data, compared to a 10.8 percent YoY bump for U.S. on-demand streams (555.3 billion).