Spain’s Recorded Music Revenue Up Nearly 17% in First Six Months

The Spanish recorded music industry is having a promising year, so far. PROMUSICAE (Productores de Música de España), which represents more than 95% of Spain’s recording industry, recently released half-year figures — and they continue to ascend. The recorded music industry has generated a total revenue of 249.8 million euros ($277.3 million) during this period, reflecting an impressive growth rate of 16.6% compared to the same period in 2023 when the income stood at 214.3 million euros ($237.9 million).

“It is very encouraging that in this first part of the year the figures growth of recorded music in Spain keep over 16%, as this highlights that the efforts and talent of Spanish artists and recording companies bear fruit, and music continues grabbing the interest of the public,” said Antonio Guisasola, president of PROMUSICAE.

The digital market remains a catalyst for this growth, experiencing a significant rise of 18.8%. Digital formats now account for 89.7% of the industry’s turnover, totaling 224.15 million euros ($248.82 million). That’s nearly all streaming, which captured 88.8% of the total market and generated revenues of 221.86 million euros ($246.28 million) — up 19.1% compared to the first half of 2023.

Audio streaming represented 83.5% of all consumption and contributed 185.22 million euros ($205.6 million) to the industry. Video streaming accounted for 36.64 million euros ($40.67 million), totaling to 16.5% of streaming.

Karol G, Sabrina Carpenter, Spanish indie rock band Arde Bogotá, Dani Fernández, and Benson Boone are some of the artists that have placed No. 1 songs on the Spanish charts. Meanwhile, albums by Quevedo, Karol G, Bad Bunny, Aitana, and C.Tangana continue to dominate the 100 Albums annual chart.

Guisasola added, “Streaming is obviously the main way in which we consume recorded music and the greatest economic support of recording market, but the public is still demanding physical products such as vinyl, which sales steadily grow and is most valued by consumers.”

The physical market this year so far matches the growth of the same period of 2023, ever so slightly increasing to 0.03%. The consumption of vinyl rose 11.9% in 2024, like last year, whereas CD purchases decreased by 15%. Other formats also decreased compared with the same period of 2023, down 32.9%, and DVD salesdecreased by 15.1%.

“The challenge remains to push the Spanish recording production even stronger, helping companies of our country to invest in national talent, for which it is essential to be supported with public measures as can be tax incentives to Spanish production and the support to internationalization of our recording production,” stated Guisasola.

He mentioned that the challenges the industry faces is to get the public to “make a decided commitment to consume music through payment subscriptions, as it happens in our surrounding advanced countries.” Guisasola stated that this not only enhances the listening experience but also provides the financial returns needed to continuously support our artists’ talent.

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