The number of Latin music listeners on Spotify worldwide soared 986% from 2014 to 2023

From Unhealthy Bunny to Peso Pluma, from Iñigo Quintero to Karol G, Latin music has been one of many recording trade’s greatest breakout success tales of the previous few years.

A big a part of its momentum is coming from the US recorded music market, the world’s largest, the place Latin music has seen a number of unimaginable years.

In 2022, it surpassed a billion {dollars} in US recorded music income for the primary time, raking in $1.09 billion, a 23.8% YoY improve, and taking a virtually 8% share of the music streaming market, in keeping with information from the RIAA.

The momentum carried on into 2023, with Latin music revenues leaping 15% YoY within the US in H1 2023, to $627 million. Latin’s share of general US recorded music revenues hit a document excessive of 7.5% on this interval, the RIAA reported.

What’s extra, Latin music followers seem to supply extra of a possibility for monetization than followers centered on different forms of music. In a report launched earlier this yr, US market monitor Luminate discovered that superfans of Latin music spend on common 30% more on music consumption than different superfans, and 120% greater than a median non-superfan.

In comparison with different superfans, Latin music die-hards had been 21% extra prone to have bought t-shirts, stickers or different merch from musicians within the prior yr.

The unimaginable success of this section of the music world is attracting consideration from all around the world, not least from South Korea, the place Ok-pop large HYBE has jumped into the ring. Final month, HYBE acquired LatinExile Music, giving it the muse it must launch Mexico-headquartered HYBE Latin America.

All of which isn’t to recommend that Latin music has appeared on the scene out of nowhere; certainly, it’s been part of the worldwide music setting for many years (suppose Gloria Estefan and Miami Sound Machine, or Enrique Iglesias), however its proliferation and rising reputation lately is unprecedented.

To focus on simply how a lot of a shift this represents, Spotify not too long ago dug into its personal information and revealed a set of eye-opening statistics.

Because the streaming service started its enlargement into Latin America’s Spanish-speaking international locations in 2013, it has seen its viewers for Latin music develop by 986%, Spotify mentioned in a blog post revealed on Monday (December 18).

Consumption of Latin music has “grown steadily” at a median annual tempo of 10%, whereas Latin songs in Spotify’s chart of the worldwide 100 most-streamed tracks have elevated by 28% yearly, on common.

In 2023, greater than one in 5 of the High 100 tracks on the platform had been Latin, and of the 16 Latin songs that ever reached No. 1 globally, eight had been from this yr.

Again in 2013, there have been no Latin songs in Spotify’s international prime 100.

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Notably, Spotify’s information reveals that Spanish-language music has develop into extra standard in Spanish-speaking international locations as effectively. In Argentina, for instance, the share of Spanish-language streamed music rose from 25% in 2013 to 94% right now (see beneath).

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“The music scene has skilled a revolution lately, the place Latin rhythms from reggaeton to música Mexicana are dictating the worldwide pulse,” mentioned Mia Nygren, Common Supervisor of Spotify in Latin America.

Spotify stresses that it sees itself, and streaming music typically, as being a key driver of this progress.

“At Spotify, greater than merely witnesses to this phenomenon, we’ve got been facilitators; we’ve seen fixed and everlasting progress of the trade within the final decade. It’s an honor to be the bridge that unites these proficient artists with international audiences,” Nygren mentioned.

“The music scene has skilled a revolution lately, the place Latin rhythms from reggaeton to música Mexicana are dictating the worldwide pulse.”

Mia Nygren, Spotify

The Spotify weblog publish additionally included testimonials from various Latin artists, together with Argentinian singer and songwriter Yami Safdie, who described Spotify as being “completely important for anybody beginning out” within the music enterprise.

“It’s been a key participant in my journey, unlocking alternatives from being featured on playlists to suggestions that introduce my music to potential followers. I’m so grateful for this; I don’t suppose I might have come this far with out Spotify’s platform.”

“Spotify has democratized music in each sense,” Louisiana Latin pop duo Ha*Ash mentioned within the Spotify weblog publish.

“In the present day an artist can create a track at dwelling and freely launch it for the entire world to take heed to. Equally, the viewers has the liberty to determine whether or not they prefer it or not, with none middleman. It’s democratic for each musicians and audiences alike.”

What’s extra, the rise of Latin music appears to be propelling – or a minimum of participating in – a sea change within the trade, with many Latin stars eschewing conventional labels in favor of constructing their very own companies, or a minimum of insisting on extra favorable contracts.

There could also be no higher latest instance of this than Unhealthy Bunny, by some measures the largest artist of 2022, who broke music streaming and gross sales information, and offered out stadiums, with out signing to a serious label.

“In the present day an artist can create a track at dwelling and freely launch it for the entire world to take heed to. Equally, the viewers has the liberty to determine whether or not they prefer it or not, with none middleman. It’s democratic for each musicians and audiences alike.”

Ha*Ash

“For a few years now, Latin artists have been paving the best way for offers that deliver them extra management, transparency, and higher economics,” Alejandra Olea, Managing Director, Americas, at France-headquartered Believe instructed MBW in a recent interview.

“Trying on the international image, past Spanish-speaking artists, there actually is one thing greater at play right here. We do see, all all over the world, an increasing number of artists capable of attain large ranges of success, not solely in their very own markets, however internationally too, with out the necessity for main label help and conventional label offers.”

For its half, Spotify sees the chance for additional enlargement within the Latin music world.

In Latin America, “there may be nonetheless extra expertise to be found, and we’re excited to assist them go from native phases to regional to lastly the worldwide scene,” Nygren mentioned.

“It’s noteworthy that 21% of all Spotify international customers are in Latin America, highlighting the numerous affect and potential of this market.”Music Enterprise Worldwide