Spain’s recorded music revenues saw an increase of 16.6% year-over-year in H1 2024 when the numbers reached $269 million, according to Promuscae, the trade body that represents the recorded music industry in the market (h/t Music Business Worldwide).
Per the reported data, music streaming revenues within Spain reached €221.86 million in the first half of the year which represents a 19.1% year-over-year increase over the same period in the 2023 year.
When breaking down the data further, the report showed that streaming accounted for 83.5% of total streaming revenues and video streaming accounted for 16.5% of total streaming revenues in Spain.
Additionally, streaming of audio and video accounted for around 88.8% of the market’s total revenues.
Promuscae President Antonio Guisasola commented on the report, stating 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].”
During the H1 report, Promuscae says 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, and cited a report in July that demonstrated that 68% of all music streamers within the Spanish market are ad-supported users.
Promuscae President Antonio Guisasola also stated: “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”.
“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 called on Spain to address the apparent challenges for the country’s recorded music market saying that they need to focus on promoting homegrown artists and also help “companies invest in national talent”.
“It remains a great challenge for the industry to get the public to make a decided commitment to consume music through payment subscriptions, as it happens in our surrounding advanced countries” he added. “That besides notably improving the consumption experience, allows the industry to get the necessary economic return to keep betting on our artists’ talent at a sustainable basis.”
