It seems as though the Latin music market is experiencing growth for the first time in nearly a decade. Thanks to the success of streaming music (which seems to be a tide lifting all boats, so to speak), the Latin market has grown approximately 3% in 2016, up to $176 million.
The success of recent big-name songs is definitely a sign that things are on the rise. Shakira’s album Zootopia has earned platinum status in the US and Luis Fonsi’s Despacito single has reached diamond status according to the RIAA. What’s more is the Justin Bieber’s remix version of the latter song also had a huge YouTube debut. The remix features the pop star singing in Spanish.
But it’s not all good news for Latin music. Recently SiriusXM decided to shut down several Latin music channels on it’s satellite radio platform. Latin artists also received less money overall in 2016 than the year before. SoundExchange distribution of royalties also fell.
But the industry is experiencing overall growth. DigitalMusicNews reports:
Per the latest RIAA report, paid subscriptions attributed to the Latin music genre’s rise. Revenues from paid subscriptions grew 89% year-over-year to $52 million. This comprised 30% of the overall music market. In 2015, paid subscription streaming for the Latin market only generated close to $28 million.
On-demand ad-supported streaming revenues also grew 45% to $34 million. The year prior, revenues reached $23.4 million.