The global music of music recorded in Latin America grew by 22.5%in 2024, which represents an increase in income of the sector in the region for the fifth consecutive year, according to the latest annual report published Wednesday by the International Federation of the Record Industry (IFPI in English).
In total, 1,714 million dollars were entered into this region, which meant 5.8% of the total generated in the world.
This is due to the talent “of the artists, as explained by the recently appointed general director of the IFPI, Victoria Oakley, which represents more than 8,000 labels worldwide.
“There is enormous talent and great diversity in Latin American music markets, and with record records now promoting that talent and putting it to work, as well as its ability to reach all kinds of audiences, we can see this growth,” he said.
In the document, entitled Global Music Report 2025, it is also revealed that Brazil, which grew by 21.7% compared to the previous year, and Mexico, which did 15.6%, are among the top ten countries in the world that generate more income.
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Music market recorded globally increased its income for tenth consecutive year by 2024
“There has been a kind of explosion, and I think that is also in part due to the transition to the digital market during the last decade, which shows the capacity of the sector to reach and find both artists and consumers,” he added.
The data places the region as the third that grows the most after sub -Saharan Africa, which did it 22.6%, and the Middle East and North Africa, which is located on the cusp by presenting an increase of 22.8%.
One of the ‘studies cases’ included in the report is that of the Puerto Rican urban singer Myke Towers, whose ability to generate songs with various artists has led him to the cusp of reggaeton and Latin trap.
“Diversity is key to Myke. The collaborations come from it and its connections. (…) We put ideas on the table, but everything really comes from its creativity, and we support it,” said Alejandro Duque, president of Warner Music Latina, who works alongside the rapper and composer and his management team.
The global music market increased by 2024 its income for the tenth consecutive year, 4.8%, after generating 29.6 billion US dollars with an eye on the impact of artificial intelligence (AI) on the sector.
With EFE information.
