Spanish Music Industry Revenue Hits 20-Year High With 9.4% Growth in 2024, Despite Physical Sales Decline
The Spanish recorded music market grew 9.42% in 2024, generating €568.85 million ($598.13 million) in revenue, according to data from Promusicae.
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Streaming dominated the market, accounting for nearly 80% of total revenue:
- Audio streaming: €376.39 million ($395.69 million), up 14.1%
- Video streaming: €73.78 million ($77.59 million), up 7.5%
- 6.8 million paid subscribers
- Over 40% of Spain's 48.3 million population streams music
Physical format sales declined 13.3% to €53.84 million ($56.61 million):
- Vinyl: €33.86 million ($35.60 million), down 3.8%
- CDs: €19.67 million ($20.68 million), down 25.4%
- Other formats (including cassettes): €162,000 ($170,369), down 37.3%
Additional revenue streams:
- Digital downloads and ringtones: €4.37 million ($4.59 million)
- Broadcasting, public performance, and private copying: €56.31 million ($59.22 million), up 12.6%
While 2024 marks Spain's best performance since 2004, revenue remains below the 2001 peak. Promusicae's president Antonio Guisasola emphasized future focus on increasing subscriptions, reducing piracy, and securing greater public-sector support.
Note: Promusicae will transition to trade value reporting to align with IFPI's Global Reporting Standards, with historical data to be restated accordingly.
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