Spanish Music Industry Hits 20-Year Revenue High with 9.4% Growth 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 industry body Promusicae.
Aerial cityscape of Barcelona
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%
- Paid subscriptions: 6.8 million users
- Total streaming reach: Over 40% of Spain's 48.3 million population
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 sources:
- 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 President Antonio Guisasola outlined key priorities: increasing subscriptions, combating piracy, and securing greater public sector support.
Going forward, Promusicae will transition to trade value reporting to align with IFPI's Global Reporting Standards, with historical data to be restated accordingly.
Three men smiling at record label
iHeartRadio headquarters with red exterior