Promusicae
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.
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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.
Spanish Recorded
PROMUSICAE
Promusicae has released the third edition of its annual report on the state of the recorded music industry in Spain. The report reveals that revenue from recorded music in Spain saw a significant increase of 12.33% in 2023, earning 520 million euros (about $567 million) and surpassing the average growth rate seen in neighboring countries. This increase was driven primarily by streaming, which accounted for nearly 77% of the sector’s total revenue.
“The positive figures of 2023 should not distract us from the significant challenges we face, including improvements in gender equity and support for local production,” said Antonio Guisasola, president of Promusicae, in a press release. “It’s crucial to capitalize on the boom in Spanish music to properly position our music on a global scale.”
Carried out in collaboration with the Department of Audiovisual Diversity of the Universidad Carlos III de Madrid, an exhaustive analysis is made using the data published by the Spanish recording industry through Promusicae and the International Federation of the Phonographic Industry (IFPI).
Other key data from the Spanish market includes:
19 million Spaniards use audio streaming services, with 6 million subscribed to premium accounts.
The average music consumption is 22.1 hours per week per person, above the global average of 20.7 hours.
Recorded music exports contributed 41 million euros (about $45 million) in 2023, growing 17.2% compared to 2022, and accumulated 154% compared to 2018.
For Guisasola, it is key to “take advantage of the good moment of Spanish music to position our music in the place it deserves through all the possibilities it has per se or together with other forms of entertainment.”
The report also highlights the need to enhance the profitability of music consumption in Spain and emphasizes the importance of a sustainable streaming consumption model that promotes premium usage. Additionally, it underscores the necessity of public and institutional support to encourage the production, marketing and development of Spanish musical talent both domestically and internationally.
The presentation was given by Guisasola, Nacho Gallego (professor of the Department of Audiovisual Communication and Director of the Master’s Degree in Music Industry and Sound Studies at Charles III University of Madrid), and managing director of Promusicae Soco Collado who explained the main data and conclusions of this report.
The president of Promusicae concluded by adding that “from the sector and the organization we represent, we maintain the maximum disposition to defend the interests of all the Spanish record companies that are developing so much talent.”
The complete report is available for download on the Promusicae website, offering a more detailed look at the trends and strategies needed to sustain and expand the impact of Spanish music worldwide.
Radiografía Del Mercado De La Música Grabada En España 2023
PROMUSICAE
Recorded-music revenue hit an all-time high in Spain last year, growing by double digits over 2021, reports Productores de Música de España (Promusicae), the association that represents 95% of the country’s recording industry.
In 2022, Spain’s recorded music market earned a total of 462 million euros ($494.5 million), marking an increase of 12.4% over the 411 million euros ($440 million) in revenue achieved the year prior, Promusicae reported Monday (March 13).
Eighty-seven percent of last year’s total revenue number — or 402 million euros ($429 million) — was generated by music sales, up 9.3% from 2021. The digital market accounted for nearly 86% of music consumed in Spain last year at 345 million euros ($370 million), 98% of which, or 340 million euros ($364 million), came from streaming. Meanwhile, physical sales, which generated 56 million euros ($60 million) in revenue, continued to decline despite growth in the vinyl market.
In the digital sphere, consumption of both audio and video music streams grew by 13% and 16%, respectively, compared to 2021. That translates to 17 million Spaniards using audio streaming platforms in 2022, with 5.2 million of those listeners holding premium subscriptions — up 18% over the previous year. Overall, nearly 36% of the Spanish population used audio streaming platforms in 2022.
Courtesy PROMUSICAE
The physical music market continued to shrink despite another strong year for vinyl, which grew 15% and generated 29 million euros ($31 million) in sales, compared to 26 million euros ($29 million) generated by CD sales. In units, more CDs are still being bought than vinyl (2.6 million units compared to 1.7 million vinyl records were shipped in 2022), even as more-expensive vinyl surpassed CDs in revenue terms. Rosalía‘s Motomami was Spain’s top seller on vinyl last year, though Promusicae did not provide sales numbers for the title.
The Promusicae report also notes that revenue from intellectual property rights has been booming for record labels, increasing by 42% last year to 56 million euros ($60 million). The report cautions, however, that the increase is distorted somewhat by a return to normal activity in sectors like hospitality and nightlife following pandemic-era restrictions.
Courtesy PROMUSICAE
Meanwhile, Spanish-language music further solidified its dominance in the country, with Bad Bunny, Rosalía and C. Tangana outpacing Anglo artists like Harry Styles and Taylor Swift in overall sales (see charts below).
“Closing 2022, maintaining a sustained growth in the last five years — despite the slowdown of the pandemic — is great news that rewards the effort, work and investment of the entire recording industry in our country,” Promusicae president Antonio Guisasola says in a statement. “It opens a window of hope to reach levels of the previous decade.”
Guisasola adds that other European countries, such as the United Kingdom or Italy, “are achieving great benefits that redound to the brand and culture of the country through music, and ours cannot be left behind in this highly competitive environment in which we have the strategic asset of the Spanish language.”
Courtesy PROMUSICAE
On the downside, piracy continues to be a problem in Spain. Promusicae notes that according to the IFPI Engaging With Music 2022 report, 32% of Spaniards use unauthorized or unlicensed methods to listen to or download music. The percentage is even higher for individuals between 16 and 24 years old, with 49% of that age demographic listening to pirated music.
Top 10 albums by revenue in 2022:
Bad Bunny, Un Verano Sin Ti
Rosalía, Motomami
C. Tangana, El Madrileño
Harry Styles, Harry’s House
Rauw Alejandro, Vice Versa
Sebastián Yatra, Dharma
Bad Bunny, YHLQMDLG
Manuel Carrasco, Corazón y Flecha
Taylor Swift, Midnights
Mora, Microdosis
Top 10 songs by revenue in 2022:
Bizarrap x Quevedo, “Quevedo: BZRP Music Sessions, Vol. 52”
Manuel Turizo, “La Bachata”
Rosalía, “Despecha”
Bad Bunny, “Tití Me Preguntó”
Sebastián Yatra, “Tacones Rojos
Bad Bunny, “Me Porto Bonito” feat. Chencho Corleone
Rauw Alejandro, “Desesperados” feat. Chencho Corleone
La Pantera, Quevedo Juseph, Cruz Cafune, Abhir Hathi “Cayó La Noche (Remix)”
Shakira, “Te Felicito” feat. Rauw Alejandro
Bizarrap x Tiago PZK, “Tiago PZK: BZRP Music Sessions, Vol. 48”
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