U.S. Latin audio profits soared in 2021, with a big 35% increase to $886 million — the highest determine in historical past, right before changing for inflation — according to a new RIAA report issued Tuesday. The quantity significantly surpassed the all round advancement level for recorded music revenues, which ended up up a solid 22%, for each the RIAA’s year-conclude report issued final thirty day period.
“In a calendar year when Undesirable Bunny was the most-streamed artist in the entire world, stars like Becky G and Anitta pumped out chart topping strike just after chart topping hit, and audiences joyfully flocked to Latin-driven stadium and arena exhibits as dwell efficiency ramped back again up, Latin label teams and artists carry on soaring to new heights,” stated RIAA COO Michele Ballantyne. See the whole report here.
Streaming accounted for a whopping 97% ($857 million) of these revenues, with compensated tunes subscriptions continuing to be the principal driver of Latin audio income expansion, expanding 35% to $593 million, accounting for much more than two-thirds of all U.S. Latin tunes revenues in 2021.
Ad-supported on-demand from customers streams (from expert services like YouTube, Vevo, and the absolutely free model of Spotify) grew 46% as opposed to the prior year, to $187 million. Taking into consideration the broader advertising declines thanks to the pandemic, 2021 marks that return with much better development in this category.
In distinction with in general U.S. tunes revenues, this ad-supported classification significantly over-indexes in share at 21% of total Latin new music revenues, versus 12% total.
Irrespective of only producing up a lot less than a p.c of Latin audio revenues, physical formats also rebounded in 2021 — as to be predicted soon after considerable difficulties to physical income posed by pandemic-associated shutdowns of 2020. Physical format revenues rose 71% to $7.7 million, pushed by improves in equally vinyl (up 76% to $5.8 million) and CDs (up 44% to $2. million).
Judging from the pie chart, paid subscriptions from electronic and tailored radio expert services (these types of as Pandora, SiriusXM, and net radio solutions), make up the largest share of Latin audio streaming revenues — owning grown 22% to $77 million in 2021.
Revenues from lasting downloads of Latin new music only accounted for 1.5% of revenues and fell 5% vs . the prior year to $14 million.
Ballantyne ongoing, “RIAA is happy to celebrate the cultural electrical power and imaginative and commercial success of Latin tunes mirrored in this report — and salutes the very proficient artists and label groups that gave us so substantially in 2021.”