Spain’s recorded music revenues grew 9.4% in 2024
Spain saw digital streaming dominate recorded music revenues last year, while digital formats took a dip.
The Spanish music industry saw impressive growth in 2024, with recorded music revenues rising by 9.4% year over year. According to Promusicae, total revenue reached €568.85 million, the highest since 2004. This increase was largely driven by the continued rise of streaming, which accounted for nearly 80% of the total revenue.
Streaming remains the backbone of Spain’s recorded music industry. In 2024, audio streaming revenue increased by 14.1% year over year to €376.39 million, while video streaming revenue saw a 7.5% rise, bringing in €73.78 million. The report noted that 6.8 million Spanish residents had paid streaming subscriptions by the end of the year, with over 40% of the population engaging with streaming in some form.
Unlike some global markets where vinyl sales have been stable or growing, Spain experienced a decline in physical music sales. The sector dropped by 13.3% to €53.84 million in 2024. Vinyl revenue fell by 3.8% to €33.86 million, while CD sales saw a sharp 25.4% decline, generating €19.67 million. Other formats, including cassettes, also declined significantly (a 37.3% YoY decrease).
Meanwhile, digital downloads and ringtone sales followed a similar downward trend, bringing in just €4.37 million, reflecting broader shifts in how audiences consume music.
Promusicae has announced plans to transition to trade value reporting (net of discounts, taxes, and returns), aligning with IFPI’s global standards. In order for future reporting to align with previous reports, Promusicae stated it will “ensure that all historical data is restated for consistency.”
Despite this growth, the Spanish music market has yet to return to its peak revenue levels from 2001. Promusicae’s president, Antonio Guisasola, highlighted the need to boost subscriptions, reduce piracy, and secure enhanced public-sector support to sustain the industry’s momentum.
For independent musicians, the ever-increasing dominance of streaming presents significant opportunities. The growing number of paid subscribers in Spain indicates a strong audience for digital music, making it crucial for artists to distribute their music on streaming platforms.
