From Bad Bunny to Karol G, Latin music’s popularity has soared to new heights, with revenues surpassing a billion dollars in the US for the first time in 2022. To put that in perspective, the streaming service Spotify and US market monitor Luminate recently published some revealing stats. Let’s take a look at the explosive growth of Latin music by the numbers and how it’s reshaping the global music landscape.
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Since Spotify’s expansion into Latin America in 2013, the platform has seen a 986% growth in its Latin music audience. Moreover, in 2023, over 20% of the top 100 tracks on Spotify were Latin with eight songs in the number one global spot.
“The music scene has experienced a revolution in recent years, where Latin rhythms from reggaeton to música Mexicana are dictating the global pulse,” notes Mia Nygren, General Manager of Spotify in Latin America.
Latin music fans are also proving to be more lucrative than their counterparts in other genres. Luminate found that superfans of Latin music spend 30% more on music than fans of other genres, and an astonishing 120% more than the average non-superfan. They’re also 21% more likely to buy merchandise, illustrating a deep engagement that extends beyond streaming.
Internationally, Latin music’s global growth is quickly spreading. In November 2023, South Korean entertainment company HYBE acquired the Latin label Exile Music to establish a footprint in Latin America. This move reflects the genre’s global appeal and the industry’s recognition of its growing market.
Alongside this expansion, Latin artists are bypassing traditional labels to forge paths that offer greater control and transparency. Bad Bunny’s unprecedented success is a prime example. In 2022, the Puerto Rican rapper/singer broke new music streaming records and achieved sold out concerts without major label backing, signifying a broader movement towards artist independence within the industry.
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