Spain’s recorded music industry revenues reached €214.3m in H1, up 11.53% YoY

Spain generated recorded music revenues of €214.3 million in H1, up 11.53% YoY compared to the same period of 2022.

That’s according to PROMUSICAE, the trade body for the recorded music industry in Spain, which has published the market’s results for the first six months of the year.

Music streaming revenues in Spain reached €188.2 million in the first half of the year, a rise of 13.26% YoY compared to the same period of 2022.

Music streaming accounted for 87.8% of the total recorded music market in Spain.

Promusicae reports that recorded music revenues generated from video streaming reached €29.1 million. Accoriding to Promusicae, video streaming accounted for 15.68% of total streaming revenues, despite representing more than a third of streaming music consumption in Spain in terms of listening time.

Digging a bit deeper into Promusicae’s report reveals that during the first half of 2023, physical revenues of €25.7 million accounted for 12% of the total market.

Physical revenues increased 2.91% YoY compared to the same period of 2022.

Sales of vinyl accounted for 56.2% of total physical sales, with revenues of €14.4 million, an increase of 6.32% YOY.

Sales of CDs fell 1.32% YoY versus the same period of 2022, generating €11 million in the first six months of the year, and representing 42.9% of the Spain’s total physical market revenues.

Elsewhere in Europe, recorded music revenues in Italy grew 14.2% YoY in the first half of this year to €175 million.

Meanwhile, France generated recorded music revenues of €397 million in the first half of 2023, with the market growing 9.4% YoY.

In Germany, the world’s fourth-largest recorded music market, recorded music revenues grew 6.6% YoY in the first half of 2023.

According to music industry association BVMI, Germany generated €1.056 billion (approx. $1.18bn), on a retail basis, from music streaming as well as from the sales of CDs, vinyl LPs and downloads in H1.

Commenting on Spain’s results, Antonio Guisasola, President of PROMUSICAE, said that he “encourages the Spanish record companies to continue investing in Spanish talent, so that [their] artists succeed within and out our borders”.

He added: “Numbers are not deceptive. [The majority of] consumption of recorded music is via streaming, though Spanish fans still want to have a bond with their favourite artists through vinyl, a format that follows the path of sales growth, offering very well-cared-for products that provide an added value to consumers”.Music Business Worldwide