Spanish streaming increased by 14.01% in 2024 helping music sales grow by 9.19% compared to 2023 according to Promusicae, the Spanish recorded music industry association. Recorded music had total revenues of €568.8 million in 2024 representing an increase of 9.42% compared to the €520 million achieved in 2023.
The digital market already accounts for more than 89% of the music consumed in Spain (€454.5 million) in a year in which physical sales have decreased by 13.25% compared to 2023 (contributing €53.8 million).
Of the €454.5 million that digital sales represent, 99% is contributed by streaming with €450.1 million recorded in the year. Audio platforms provide the industry with the largest part of its revenue (€376.3 million compared to €73.8 for video).
Both audio and video streaming formats are growing compared to 2023, audio by 14.09% and video by 7.45%. More than 20 million Spaniards used audio streaming platforms in 2024, with almost 7 million doing so through a premium subscription service, which represents 14% more than the previous year, continuing the sustained growth of recent years. 41% of the Spanish population now use audio music platforms.
Consumers increasingly continue to opt for accounts that offer additional advantages and services on music platforms and that generate a better experience. However, Spain still has a long way to go to reach the levels of more mature markets with the consumption of recorded music, where users mostly opt for subscription services.
The rest of the digital market comes from permanent downloads and the sale of mobile products, which, although they continue to lose relevance, contribute a total of €4.3 million.
The physical market continues to decline
The physical market suffered a 13.25% drop in 2024, contributing a total value of €53.8 million. Of these, vinyl LPs accounts for 62.8% of sales, although 8% fewer units have been sold than in 2023 (1.67 million units compared to 1.81 million in 2023), with a lower economic contribution compared to the previous year (€33.8 million in 2024 and €35.2 million in 2023). Despite this, vinyl continues to interest fans and superfans as an object that brings them closer and connects them with their favourite artists.
Physical formats continued to decline, and in 2024 CD sales fell by 25.4% (contributing €19.6 million compared to the €26.3 million in 2023). Other formats and DVDs fell below 35%, with a residual contribution of €162,000 and €155,000 respectively.
Other market revenues
The contribution of intellectual property rights to the industry has increased in 2024, growing by 12.58%, which has resulted in revenue of 56.3 million euros, according to figures provided by the Intellectual Property Rights Management Entity of phonographic producers – AGEDI.
Meanwhile, revenue from music synchronizations for audio-visual productions and advertising contributed €4.1 million and has been slightly reduced compared to the 2023 figure (which represents a drop of 2.14%).
