Photo Credit: Guillaume Techer
Spanish recorded music revenues jumped 12.43% in 2022 to nearly $500 million.
The Spanish recorded music market ended 2022 with total revenues of 463 million euros ($496 million) — a 12.43% increase over 2021. According to PROMUSICAE‘s economic report, 87% of 2022’s figure is attributed to music sales.
Digital sales now account for 86% of the music consumed in Spain, while physical sales continue to dwindle, falling to 56 million euros. Of the 345 million euros earned from digital sales, over 98% comes from streaming.
Audio platforms contributed 280 million euros to the market, while video brought in 60 million — a 13% and 16% increase, respectively, compared to 2021. The prevalence of recorded music on social networks like Facebook, Instagram, and short videos on TikTok and YouTube, continues to play a central role in the time that Spaniards spend on these apps, at 63%.
Vinyl continues to shine as a mainstay, even as the physical market shrinks (56 million euros in 2022). In terms of units, more CDs are still being purchased than vinyl (2.6 million versus 1.7 million in 2022), but fans are willing to pay more for vinyl. Demand shows that higher figures could be achieved if not for manufacturing and supply chain bottlenecks. Rosalía’s album, Motomami, was number one in vinyl sales across Spain.
Piracy remains an issue in Spain in 2022, with 32% of people still using unauthorized or unlicensed means to listen to or download music. The number rises to 49% among young people between 16 and 24.
The income the industry received through intellectual property rights has increased by 42%, contributing 56 million euros in 2022 — although this figure is “somewhat distorted by the recovery of pending adjustments for private copying, and the return to normal activity after the restrictions of the pandemic” in various sectors, which have an impact on royalties generated by the use of music in public venues.
“Closing 2022 maintaining sustained growth over the last five years, despite the slowdown in the pandemic, is great news that rewards the effort, work, and investment of the entire recording sector in our country and opens a window of hope to reach levels of previous decades,” says PROMUSICAE President Antonio Guisasola.
“Countries around us, such as the United Kingdom and Italy, which are encouraging the private sector from the administration, are achieving great benefits for the country’s brand and culture through music, and ours cannot be left behind in this highly competitive environment in which we have the strategic asset of the Spanish language,” Guisasola concludes.