When asked about the condition of the U.S. Latino market, nearly every record-label executive cheerfully replies that the industry, is in a state of "growth" - growth in sales, growth in exposure. Why, one label honcho suggested that, in dollar terms, the U.S. Latino industry eventually will become the largest Spanish-language music market in Latin America. These executives estimate that the dollar value of the U.S. Latino market is between $200 million and $250 million at the wholesale level. This revenue range represents a nearly three-fold increase above industry estimates five years ago.

Crecimiento, indeed.

By contrast, when these label brass are queued about possible industry pitfalls, a variety of concerns are raised, ranging from the Mexican peso's fragility to fragile leadership within the higher ranks of the Latino record companies.

Accompanying each executive's commentary is a profile of the record company, along with a list of its current significant acts. These artists were selected based on chart appearances made on either the Hot Latin Tracks or the Billboard Latin 50 from January to May of this year. The term "full-service" is used strictly in a musical sense to describe companies whose rosters contain artists from the Latino market's three main categories: pop, tropical/salsa and regional Mexican.

JOSE BEHAR PRESIDENT, EMI LATIN

Label Profile: The No. 1 regional Mexican label last year, this full-service label has scored hits in all musical classifications, yet it is widely perceived in the industry as a Tejano record company.

Current Significant Acts: Selena, Graciela Beltran, Barrio Boyzz, Alvaro Torres, Ednita Nazario, Gary Hobbs, Emilio, Stephanie Lynn & High Energy, Placido Domingo, Jon Secada, Mazz, La Fiebre, David Lee Garza

Upside: "We feel the U.S. Latin market has been growing 15% annually in the past five years, and will continue to grow in the next year by at least 15%. Remember, five years ago, records in the Latin market were not marketed to the extent that they are today. Nowadays, there are well-conceived marketing plans for album releases, involving all aspects of the business - retail, the media and distributors - that were not employed before. In short, our business today is very similar to the Anglo business, but on a smaller scale. And with the Hispanic population expected to continue to grow, the market will expand even further."

Downside: "I think the biggest problem we have in the Latin record business, unfortunately, is a lack of good upper-level management at important labels."

EFREN BESANILLA SALES AND MARKETING DIRECTOR, BALBOA RECORDS

Label Profile: This catalog-intensive label from Los Angeles distributes mostly regional Mexican product from Musart, a venerable indie company based in Mexico City.

Current Significant Act: Jorge Luis Cabrera

Upside: "Though the weakness of the Mexican peso has made business more difficult than ever, it has not adversely affected our catalog, which with the label's wholesale at $2.90 or $3, is being sold in Mexico for $1. We dropped prices here a little bit, while the Mexican company has raised prices, but not too...