The Spanish recorded music market grew by 9.42% in 2024, generating €568.85 million ($598.13 million) in revenue, according to data from Promusicae.

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 subscriptions by year-end
• Over 40% of Spain's 48.3 million population uses music streaming services

Physical format sales declined significantly:

• Overall physical revenue: €53.84 million ($56.61 million), down 13.3%
• 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, the market remains below its 2001 peak. Promusicae's president Antonio Guisasola emphasized focus areas for future growth:

• Increasing paid subscriptions
• Reducing piracy
• Securing stronger public sector support

The organization plans to transition to trade value reporting to align with IFPI's Global Reporting Standards, with historical data to be restated for consistency.

Related Articles

Previous Articles