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As the summer break comes to an end, the Spanish recorded music industry is celebrating a remarkable first half of 2023. PROMUSICAE (Productores de Música de España), representing over 95% of the Spanish recording industry, has just unveiled the numbers — and they are looking positive. The recorded music industry has generated a total revenue of 214.3 million euros ($229.2 million) during this period, reflecting an impressive growth rate of 11.53% compared to the same period in 2022 when the income stood at 192.1 million euros ($205.4 million).
Antonio Guisasola, president of PROMUSICAE, expressed his optimism regarding the industry’s performance in 2023. “To keep presenting growth figures over the world average is a satisfaction to us and encourages the Spanish recording companies to continue investing in Spanish talent, so that our artists succeed within and out our borders,” said Guisasola in a press release.
The digital market continues to be a driving force behind this growth, with a substantial increase of 12.82% compared to the same period last year. Digital formats now account for 88% of the industry’s turnover, totaling 188.6 million euros ($201.7 million). That’s nearly all streaming, which captured 87.8% of the total market and generated revenues of 188.2 million euros ($201.4 million) — up 13.26% compared to the first half of 2022.
Audio streaming represented 84.32% of all consumption and contributed 156.9 million euros ($167.9 million) to the industry. Video streaming, while representing over a third of total music consumption time, accounted for 29.1 million euros ($31.1 million).
Guisasola adds, “Numbers are not deceptive and consumption of recorded music is via streaming, though Spanish fans still want to have a bond with their favorite artists through vinyl, a format that follows the path of sales growth, offering very well cared for products that provide an added value to consumers.”
The physical market has also shown resilience in the first half of 2023, maintaining its share of the total market at 12% and experiencing a growth rate of 2.91% compared to the same period in 2022.
Sales of vinyl, in particular, have outperformed CDs, constituting 56.2% of physical sales and generating revenues of 14.4 million euros ($15.4 million) — up 6.32%. CD sales, meanwhile, declined 1.32%, contributing 11 million euros ($11.8 million), making up 42.9% of the physical market revenues.
Guisasola concludes in the press release, “Support the Spanish recording industry so that it does not lose its own boost and can seize the great momentum experienced by Latin music to consolidate its growth in our country and abroad.”
Courtesy Photo
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”
Spain’s PROMUSICAE (Productores de Música de España), which represents 90% of the national and international activity of the Spanish recorded music industry, released its 2022 year-end report Thursday (Jan. 26), unveiling Bad Bunny as the “absolute leader” last year thanks to his record-breaking album Un Verano Sin Ti.
According to the report by PROMUSICAE, which represents more than 100 member companies, the Puerto Rican star was the No. 1-selling artist in the albums category for 23 consecutive weeks in the country.
Meanwhile, Spanish artist Rosalía crowned the list of top 100 vinyl releases of 2022 with her genre-bending Motomami, which won album of the year at the Latin Grammys. The “Despechá” singer came in second place after Bad Bunny on the overall album sales list.
Furthermore, the top 100 songs list was led by Bizarrap and Quevedo‘s global smash hit “QUEVEDO || BZRP Music Sessions #52,” also known as “Quédate,” which scored both artists their first entry on the Billboard Hot 100. Currently, the song has more than 400 million views on YouTube.
The report also notes that vinyl sales increased by 6% in 2022, CD sales decreased by 13% and streaming represented 85% of music consumption in the country. Sebastián Yatra‘s “Tacones Rojos” had the most radio airplay, while the most popular international artists in the country last year were Harry Styles, Rauw Alejandro, Taylor Swift, Camilo and Feid, among others.
“Throughout very difficult years, our music continues to show its ability to accompany us in more moments of our lives than ever,” said Antonio Guisasola, PROMUSICAE’s president. “This allows our market to return to the spotlight, while incorporating new styles and new ways of creating music that penetrates inside and outside our borders.”
See all of PROMUSICAE’s 2022 year-end reports here.