Productores de Música de España (PROMUSICAE) has revealed that the Spanish recorded music market grew 16.6% in the first half of 2024. That H1 2024 growth is attributed mainly to the digital market, which saw growth of 18.8% compared to the same period in 2023.
PROMUSICAE is the organization responsible for gathering more than 95% of the Spanish recording market data. The physical market during the first half of 2024 equals the growth of the same period of 2023, with just 0.03%—mainly from the consumption of vinyl (+11.9%), while the CD format saw a decrease (-15%).
The growth of the Spanish recorded music market can be attributed almost entirely to digital consumption, representing 89.7% of the total industry with 224.15 million euros ($249.03M). In this digital market, people are mainly consuming streamed music, with 88.8% of total market share and generating revenues of 221.86 million euros (+19.9% compared to H1 2023)($246.48M).
“Streaming revenues could be highly increased if the very relevant percentage of ad-supported access in our country became, even partly, premium subscriptions,” PROMUSICAE suggests. “That would get us closer to the levels of neighbour countries, where the main share of consumption is made through subscription services.”
Permanent downloads have decreased in the first half of 2024 by -13%, only providing 1.3 million in revenue towards the digital market. “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,” adds Antonio Guisasola, President of PROMUSICAE.
“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. 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.”
Curious about H1 2024 growth of the recorded music industries in Brazil or a peek at the entire recorded music industry in 2023 for Argentina? Digital Music News has you covered.