Spain’s music industry is skyrocketing in 2024
Image credit: Bedirhan Gül
The Spanish recording industry is seeing astonishing growth, representing serious gains for Spanish artists and the world at large.
Halfway into the year and the music industry around the globe is seeing powerful growth. Productores de Música de España (PROMUSICAE) have released their figures for the first half of 2024, representing over 95% of Spain’s recording industry.
They reveal that the recorded music industry of Spain has generated total revenue of 249.8 million euros. This reveals astonishing growth of 16.6% compared to the same period in 2023, when the industry made 214.3 million euros.
PROMUSICAE president, Antonio Guisasola says: “It is very encouraging that in this first part of the year the figures growth of recorded music in Spain keep 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.”
Spain’s music industry follows a trend being seen the world over, in which digital formats take the majority of consumption and generate the majority of revenues. Digital music made up 89.7% of Spain’s industry turnover for the first half of the year, for a total of 224.15 million euros. Of that, the majority comes from music streaming which made up 88.8% of the total market.
Guisasola adds: “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.”
Across the world, music continues to grow largely thanks to streaming. The RIAA reported record figures for the US in 2024’s H1, however growth itself had slowed on last year. However, streams are rocketing up with data from Luminate revealing that streams were up 15.1% in the first half of 2024 compared to the first six months of 2023.