Music sales in Spain grew by 16.6% in first half of 2024 with vinyl LPs continuing to outsell CDs according to Promusicae, the Spanish record industry association. Spaniards spent €249.8 million on music consumption, both in digital and physical formats that represents a 16.6% growth for the Spanish music industry, compared to the same period of 2023 (€214.3 million).
Total music sales for the period were €224.15 million euros with digital consumption making up 89.7% of the total. In the first six months of 2024 the digital market grew by 18.8 % mostly due to a growth in streaming which now represents 99% of digital consumption and 88.8% of the total market. Streaming generated revenues of €221.86 million (an increase of 19.1% compared to the same period of 2023) composed of €185.22 million of audio streaming and €36.64 million of video streaming (16.5% of total streaming).
Growth in the physical market at 0.03% was flat during the first half of 2024 and was the result of a decline in CD sales of 15% cancelling out a rise of 11.9% in vinyl LP consumption. Vinyl sales now represent 62.8% of all physical sales bringing in €16.18 million with CDs only managing €9.39 million during the period. Other formats also decreased compared with the same period of 2023 (down 32.9%) and DVD (down 15.1%).
Downloads continued their steady decline losing 13% and only bringing in €1.3 million of sales.
An infographic (in English) containing more information can be found here.
