Spanish Music Market Posts 9% 2024 Growth As Streaming Jumps

Thanks largely to streaming gains, the Spanish recorded music market generated nearly $600 million during 2024, up 9.42% year over year.

That’s according to Spain’s Promusicae, which in a newly released breakdown identified €568.85 million (currently $598.13 million) in recorded revenue for 2024.

Streaming accounted for almost 80% of the sum, with 14.1% YoY growth on the straight audio side ($395.69 million/€376.39 million) and a 7.5% YoY boost for video ($77.59 million/€73.78 million), the report shows.

Behind the figures, the trade organization pointed to 6.8 million paid on-demand subscriptions in Spain as of 2024’s end. But over 40% of the country (which is home to 48.3 million) streams music in one form or another, per the analysis. (There’s also plenty of room for subscription-streaming expansions in a variety of different European markets.)

In keeping with global industry trends, the Spanish music market experienced double-digit revenue slips in permanent downloads and ringtones, which together brought in $4.59 million/€4.37 million.

Not in keeping with global industry trends – though there’s a bit of debate here when it comes to the vinyl space’s precise footing – is the 13.3% YoY revenue decline attributed to physical in Spain for 2024.

At $56.61 million/€53.84 million overall, the sub-sector saw sales dips hit vinyl ($35.60 million/€33.86 million total, down 3.8% YoY), CDs ($20.68 million/€19.67 million, down 25.4% YoY), and other formats including cassettes ($170,369/€162,000, down 37.3% YoY) alike, Promusicae relayed.

Like with other countries’ sales summaries, these numbers have been reported in estimated retail value. Moving forward, however, Promusicae intends “to transition to trade value reporting (net of discounts, taxes, and returns) to better align with IFPI’s Global Reporting Standards.” As part of the pivot, the entity will “ensure that all historical data is restated for consistency.”

Rounding out the 2024 report, the Spanish music market posted a 12.6% YoY revenue improvement in the combined broadcasting, public performance, and private copying category, at $59.22 million/€56.31 million.

Regarding bigger-picture takeaways, the headline recorded-revenue sum marks Spain’s largest since 2004, but, like the U.S. market, remains well beneath that delivered by the 2001 peak.

Addressing the results with an in-depth statement, Promusicae’s president, Antonio Guisasola, underscored objectives of boosting subscriptions, reducing piracy, and securing enhanced public-sector support.

We previously covered a preliminary breakdown of the UK music market’s 2024 showing. Meanwhile, the RIAA’s full-year report is forthcoming, and the IFPI will release its own annual report (for the global recorded industry) on March 19th.