Latin music industry sees first growth in a decade
¡Que bueno! The Latin music industry is trending upward for the first time in a decade in the United States.
Revenue stemming from Latin music in the U.S. rose 3 percent to $176 million in 2016, marking the first growth in the Latin music industry since 2005, according to a new RIAA report.
The growth was spurred by an increase in paid streaming service subscription revenue, which grew 89 percent year-over-year and represented 30 percent of the overall music market. Additionally, on-demand ad-supported streaming revenues were up 45 percent. The streaming sector's spike was offset by declines sales of CDs and digital downloads.
Since its founding in 1997, The Latin Recording Academy has done its part to boost Latin music to become the premiere international organization representing Latin musicians and professionals. Taking place Nov. 17, 2016, the 17th Latin GRAMMY Awards celebrated excellence in Latin music via 48 categories while attracting a worldwide television audience of fans to the tune of 80 million.
Several key Awards process deadlines are approaching for the upcoming 18th Latin GRAMMY Awards, which will recognize recordings released between July 1, 2016, and May 31, 2017. The Online Entry Process for members will conclude on May 2. The first round ballot will be mailed on July 25 and will be due back Aug. 11. Latin GRAMMY nominations will be announced on Sept. 20.