The U.S. recorded music industry experienced significant growth in the first half of 2024, with revenues reaching a record $8.7 billion in retail value, marking a 4% increase from the previous year. Streaming services continued to dominate, driving a 3% rise in paid subscriptions to a new high of 99 million users. Fans are discovering and consuming music in more diverse ways than ever before, with this report capturing revenue from the most varied sources to date. Paid streaming subscriptions were responsible for two-thirds of the overall growth, while vinyl shipments surged 17%, outpacing all other major formats. At wholesale value, total revenue also grew by 3% to $5.5 billion.
Latin music continues its upward trajectory, reaching an all-time high of $685 million in revenue for the first half of 2024, according to the RIAA’s mid-year Latin music report. While the overall growth rate for Latin music was 7%, slightly below last year’s 15% surge, its momentum remains unmatched compared to the broader market. Streaming remains the primary revenue driver, accounting for two-thirds of Latin music earnings, while ad-supported platforms such as YouTube, Spotify, and social media saw a 10% increase from 2023.
“Latin music keeps soaring to new heights, setting U.S. revenue records and shaping global culture. Fans are captivated by its vibrant energy, emotion, and power,” said Michele Ballantyne, President and CEO of RIAA. Latin music now stands as the fastest-growing genre on U.S. streaming services.
In the physical market, Latin music saw a 21% boost in revenue from vinyl and CDs, further solidifying its place in both digital and physical formats. Popular Latin artists like Bad Bunny, Karol G, and a wave of música mexicana acts — including Peso Pluma and Grupo Frontera — contributed to this massive success.