In the first half of 2024, Spanish recorded music revenue reached 249.8 million euros ($269 million), an increase from the same period last year Annual increase of 16.6%.
This is according to Promuscae, the trade body representing the recorded music industry in the market.
Delving deeper New statistics released by Promuscae reveal that Spain tops the charts for music streaming revenue 221.86 million euros increased in the first half Annual increase of 19.1% Compared with the same period in 2023.
vocal Streaming media share 83.5% (€185.22 million) of total streaming revenue, with video streaming accounting for 16.5% (36.64 million euros) of total streaming revenue.
Streaming media (audio and video) share 88.8% Proportion of total market revenue.
Promuscae President comments on the latest market data Antonio Gissasola Noting that “this remains a huge challenge for the industry [in Spain] Let the public make a firm commitment to consume music [paid] Subscription occurs in our [neighboring markets]”.
Promuscae noted in its first-half report released on Thursday (September 5) that streaming revenue in the market “could increase significantly” if “even some” of the current ad-supported user base can be converted to paid subscriptions.
The organization cited research released in July that showed 68% of music streaming users in the Spanish market were ad-supported.
Elsewhere in the Promuscae report, the organization shows Spain’s physical music market is growing 0.03% Annual increase to 25.7 million euros (See below) First half.
In brick-and-mortar market, revenue generated by vinyl increases Annual increase of 11.9% to €16.18 million, accounting for 62.8% of all entity revenues. CD sales decline 15% annual increase In the first half of 2023, revenue was 9.39 million euros.
Antonio Guisasola, President of Promuscae, added: “It is encouraging that in the first half of this year, the number of recorded music [revenues] in spain [grew] With more than 16%, this highlights that the hard work and talent of Spanish artists and labels are bearing fruit and that music continues to attract popular interest “.
He added: “Streaming is obviously the primary way we consume recorded music and is the largest economic supporter of the record market, but there is still demand for physical products such as vinyl records, whose sales are growing steadily and are the most popular. Consumers pay attention.
Gizasola also highlighted another challenge facing Spain: the country’s recorded music market needs to promote local artists and help “corporations” [in the market] Invest in national talent.
Spanish-language music dominates market charts in FY23, but local artists from Spain does not, as Will Page and Chris Dara Riva pointed out in this column last month.
The reason behind this anomaly is that this market speaks the same language as 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 in the official annual rankings compiled and published by GFK and Promuscae, last year’s top 10 best-selling singles in Spain were all Spanish-language tracks, recorded by artists from the wider Spanish-language music scene.
Only one of the top 20 best-selling singles is a non-Spanish song – Miley Cyrus flowers.
All EUR/USD conversions in this report are based on average exchange rates for the period determined by the European Central Bank.global music business
