Spain generated recorded music revenues of €249.8 million (USD $269m) in H1 2024, up 16.6% YoY.
That’s based on Promuscae, the commerce physique that represents the recorded music trade available in the market.
Digging deeper into the brand new stats revealed by Promuscae reveals that music streaming revenues in Spain topped €221.86 million within the first half of the yr, a rise of 19.1% YoY in comparison with the identical interval of 2023.
Audio streaming accounted for 83.5% (€185.22m) of whole streaming revenues, whereas video streaming accounted for 16.5% (€36.64m) of whole streaming revenues.
Streaming (audio and video) accounted for 88.8% of the market’s whole revenues.
Commenting on the most recent figures available in the market, Promuscae President Antonio Guisasola famous that “it stays a fantastic problem for the trade [in Spain] to get the general public to make a determined dedication to consuming music via [paid] subscriptions because it occurs in our [neighboring markets].”
Promuscae famous in its H1 report, revealed on Thursday (September 5), that streaming revenues available in the market “could possibly be extremely elevated” if the present base of ad-supported customers can “even partly” be transformed to paid subscriptions.
The org cites its personal analysis revealed in July, that exhibits 68% of all music streamers within the Spanish market are ad-supported customers.
Elsewhere in Promuscae’s report, the org exhibits that Spain’s bodily music market grew 0.03% YoY to €25.7 million (see beneath) within the first half of the yr.
Inside the bodily market, revenues generated by vinyl rose 11.9% YoY to €16.18 million, representing 62.8% of all bodily revenues. Gross sales of CDs fell 15% YoY within the first half of 2023, with revenues of €9.39 million.
Promuscae President Antonio Guisasola added: “It is rather encouraging that on this first a part of the yr, recorded music [revenues] in Spain [grew] over 16%, as this highlights that the efforts and expertise of Spanish artists and recording corporations bear fruit, and music continues grabbing the curiosity of the general public”.
He added: “Streaming is clearly the principle means during which we eat recorded music and the best financial help of recording market, however the public remains to be demanding bodily merchandise comparable to vinyl, which gross sales steadily develop and is most valued by customers.”
Guisasola additionally highlighted one other problem for Spain: the nation’s recorded music market’s want to advertise homegrown artists and assist “corporations [in the market] put money into nationwide expertise.”
In FY 2023, Spanish-language music dominated the charts available in the market, however homegrown artists from Spain didn’t, a degree famous by Will Web page and Chris Dalla Riva final month in this op/ed.
The explanations behind this anomaly are that the market shares the identical language with a lot of the Latin American market; and the worldwide success of Latin Music superstars from markets comparable to Colombia, Mexico, Argentina, and Puerto Rico.
As you’ll be able to see beneath within the official annual chart compiled and revealed by GFK and Promuscae, the whole Prime 10 best-selling singles in Spain final yr have been Spanish-language tracks, recorded by artists from throughout the broader Spanish-speaking music panorama.
Solely one of many Prime 20 best-selling singles was a non-Spanish Language observe – Miley Cyrus’ Flowers.
All EUR-USD conversions on this report have been made as per the typical price for the interval as recognized by the European Central Financial institution.Music Enterprise Worldwide
