Spain generated recorded music revenues of €249.8 million (USD $269m) in H1 2024, up 16.6% YoY.
That’s according to Promuscae, the trade body that represents the recorded music industry in the market.
Digging deeper into the new stats published by Promuscae reveals that music streaming revenues in Spain topped €221.86 million in the first half of the year, an increase of 19.1% YoY compared to the same period of 2023.
Audio streaming accounted for 83.5% (€185.22m) of total streaming revenues, while video streaming accounted for 16.5% (€36.64m) of total streaming revenues.
Streaming (audio and video) accounted for 88.8% of the market’s total revenues.
Commenting on the latest figures in the market, Promuscae President Antonio Guisasola noted that “it remains a great challenge for the industry [in Spain] to get the public to make a decided commitment to consuming music through [paid] subscriptions as it happens in our [neighboring markets].”
Promuscae noted in its H1 report, published on Thursday (September 5), that streaming revenues in the market “could be highly increased” if the current base of ad-supported users can “even partly” be converted to paid subscriptions.
The org cites its own research published in July, that shows 68% of all music streamers in the Spanish market are ad-supported users.
Elsewhere in Promuscae’s report, the org shows that Spain’s physical music market grew 0.03% YoY to €25.7 million (see below) in the first half of the year.
Within the physical market, revenues generated by vinyl rose 11.9% YoY to €16.18 million, representing 62.8% of all physical revenues. Sales of CDs fell 15% YoY in the first half of 2023, with revenues of €9.39 million.
Promuscae President Antonio Guisasola added: “It is very encouraging that in this first part of the year, recorded music [revenues] in Spain [grew] 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”.
He 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.”
Guisasola also highlighted another challenge for Spain: the country’s recorded music market’s need to promote homegrown artists and help “companies [in the market] invest in national talent.”
In FY 2023, Spanish-language music dominated the charts in the market, but homegrown artists from Spain did not, a point noted by Will Page and Chris Dalla Riva last month in this op/ed.
The reasons behind this anomaly are that the market shares the same language with much of the Latin American market; and the global success of Latin Music superstars from markets such as Colombia, Mexico, Argentina, and Puerto Rico.
As you can see below in the official annual chart compiled and published by GFK and Promuscae, the entire Top 10 best-selling singles in Spain last year were Spanish-language tracks, recorded by artists from across the wider Spanish-speaking music landscape.
Only one of the Top 20 best-selling singles was a non-Spanish Language track – Miley Cyrus’ Flowers.
All EUR-USD conversions in this report have been made as per the average rate for the period as identified by the European Central Bank.Music Business Worldwide
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