The Spanish recorded music industry has had a promising year so far. PROMUSICAE (Productores de Música de España), which represents more than 95% of Spain's record industry, recently released half-year figures — and they're still climbing. The recorded music industry generated 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 revenue was 214, 3 million euros ($237.9 million).
“It is very encouraging that in this first half of the year the growth of recorded music numbers in Spain remains above 16%, as this underlines that the efforts and talent of Spanish artists and record companies are paying off and the music continues to attract the interest of the public”, he said Antonio Guisasolapresident of PROMUSICAE.
The digital market remains the catalyst for this growth, registering a significant increase of 18.8%. Digital formats now account for 89.7% of the industry's turnover, totaling €224.15 million ($248.82 million). That's almost all of streaming, which took 88.8% of the total market and brought in €221.86 million ($246.28 million) — a 19.1% increase compared to the first half of 2023.
Audio streaming accounted for 83.5% of total consumption and contributed €185.22 million ($205.6 million) to the industry. Video streaming accounted for €36.64 million ($40.67 million), accounting for a total of 16.5% of streaming.
Karol G, Sabrina Carpenter, Spanish indie rock band Arde Bogotá, Dani Fernández and Benson Boone are some of the artists who 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 annual 100 Albums chart.
Guisasola added, “Streaming is obviously the main way we consume recorded music and the biggest financial support of the recording market, but audiences still demand physical products like vinyl, which sales are steadily increasing and are valued more by consumers”.
The physical market this year so far has matched growth for the same period in 2023, growing ever so slightly at 0.03%. Vinyl consumption rose 11.9% in 2024, the same as last year, while CD purchases fell 15%. Other formats also declined compared to the same period in 2023, down 32.9%, and DVD sales fell 15.1%.
“The challenge remains to push Spanish record production even stronger, helping our country's companies to invest in national talent, for which it is necessary to support with public measures, such as tax incentives for Spanish production and support for the internationalization of recording production,” said Guisasola.
He said the challenges facing the industry are getting audiences to “resolutely commit to consuming music through paid subscriptions, as is the case in our surrounding advanced countries”. Guisasola stated that this not only enhances the listening experience, but also provides the financial returns needed to continue to support the talent of our artists.
Spanish recording
PROMUSICAE
