Spain’s Recorded Music Industry Surges to $567M in 2023 as Streaming Subscriptions Jump 15%

Spain’s recorded music industry enjoyed revenue of nearly 520 million euros ($567 million) in 2023, marking the third consecutive year of double-digit growth. The industry witnessed a notable 12.33% increase from the previous year, with music sales contributing 465 million euros ($507 million), according to the latest report from PROMUSICAE, an association representing over 95% of the Spanish recording sector.

The growth is attributed to a robust digital market, which now accounts for 86% of music consumption in Spain, with streaming services leading the charge. Remarkably, nearly 99% of digital sales, amounting to 398.6 million euros ($435 million), came from streaming, with audio platforms generating 330 million euros ($360 million) and video accounting for the remainder. This trend underscores the continuing shift towards digital consumption, with physical sales also seeing an uptick, particularly in the vinyl segment, which experienced a 19% revenue increase and commanded over 56% of the physical market’s turnover.

The report highlights the increasing embrace of premium subscription models, with over 6 million Spaniards opting for such services in 2023, a 15% jump from the previous year. This reflects a growing willingness among consumers to pay for enhanced music experiences, although Spain still lags behind other markets in terms of premium subscriber shares.

PROMUSICAE’s president, Antonio Guisasola, reflected positively on the industry’s achievements in 2023, underscoring the pivotal role of the streaming model in providing consumers access to a vast array of recorded music at a modest price. He credited this success to the collective talent of artists and the concerted efforts and investments of the recording industry. “We make a very positive assessment of the 2023 year’s closure, with big hopes in the reasonable advance of the streaming model that brings to the consumer at a modest price all recorded music created thanks to the sum of artists’ talent and the work, effort, and investment of all the recording industry of our country,” he said in a press release. However, he acknowledged the industry’s ongoing journey to recover and reach the pre-piracy-crisis levels of 2001 when revenue was 37% higher than it was last year.

Guisasola advocates for comprehensive support from the public sector and continued investment in artist development to reach and surpass the revenue levels seen before the piracy crisis, with the aim of Spanish music having a stronger presence on the international stage. “These aids, combined with the recording industry’s enormous commitment — investing over 30% of its benefits in marketing and developing its artists, and with worldwide investments exceeding 7.1 billion dollars as per IFPI details, spanning all facets of phonographic production and the commercialization and promotion of works — shall allow us to take the definite plunge and overcome,” said Guisasola. He claims this will allow the Spanish recording industry to surpass all-time revenue highs, as has been achieved in other countries.

Top 10 albums in Spain by revenue in 2023:

Top 10 songs in Spain by revenue in 2023: