Spain’s recorded music industry generated wholesale revenues of EUR €181.4 million (USD $212m) in the first half of 2026, up 11.6% YoY.
That’s according to new data published on Thursday (September 3) by Promusicae, the trade body that says it represents more than 95% of the Spanish recorded music market.
Paid subscription streaming drove that growth, generating €121 million ($141m) in the six months to the end of June, up 15.1% YoY.
Subscriptions now account for 66.7% of all recorded music revenue in Spain, and for 75.4% of the market’s digital business, according to Promusicae.
As it did in its H1 2025 report, Promusicae presents its numbers in wholesale “trade value” terms, a measure that counts the revenue reaching music companies rather than what consumers spend at retail.
At retail value, Spain’s market was worth €321.6 million ($375m) in the first half of 2026.
Spain’s digital market generated €160.5 million ($187m) in the period, up 10.5% YoY, and made up 88.5% of total revenues.
Streaming accounted for nearly all of that digital total, at €159.6 million ($186m), up 10.8% YoY.
Ad-supported audio streaming revenues rose 7.1% YoY, while ad-supported video streaming revenues fell 8.5%.
That inverts the pattern of a year earlier, when MBW reported that ad-supported audio revenues had dropped 15.4% YoY to €18.6 million in H1 2025, while ad-supported video grew 1.3%.
Permanent downloads were close to flat, up 0.4%, which Promusicae said confirmed “the expansion of access models as opposed to digital ownership ones.”
Spain’s physical market grew 20.3% YoY to €20.9 million ($24m) in the first half of the year.
Vinyl revenues rose 27.7% YoY to €15.3 million ($18m), and now make up 73% of physical sales in the market.
CD revenues rose 4.3% YoY, according to Promusicae.
Promusicae also tracked the longer arc of the subscription business in Spain, noting that paid subscription revenues stood at €45.1 million in H1 2020, and have grown 168.2% in the six years since.
“[R]esults of first half 2026 confirm the Spanish recording industry strength,” said Antonio Guisasola, President of Promusicae, “and the sector’s ability to keep creating value through the investment in talent, innovation and development of new business models.
“The combination of an increasingly consolidated digital ecosystem and the strength of physical format, especially of vinyl, enables us to tackle the second half with positive prospectives for the entire sector.”
Guisasola added that subscription take-up in Spain remains too low, and that part of the growth in the model is coming from what he called “adjustments on the offer value.”
Spotify‘s standard Premium plan in Spain rose from €10.99 to €11.99 per month during the second half of 2025, with the listed price in Spain already showing the increase by early August.
Those higher prices applied across the whole of H1 2026, and for none of the H1 2025 period against which Promusicae‘s new figures are measured.
Spain’s overall growth rate has accelerated from the 10.4% YoY that Promusicae reported for H1 2025, even as subscription growth slowed from 18.9% to 15.1%.
Across full-year 2025, Promusicae reported that Spain’s recorded music market grew 13.7% YoY to €409.5 million in wholesale revenue, a total that also counts sync income and neighboring rights collected by Spanish society AGEDI.
On the sales-only basis used for the half-year figures, 2025 generated €343.7 million.
Paid subscription streaming rose 19.2% YoY across that year to €214 million, while physical revenues grew 31.6%.
Spain’s growth rate ran well ahead of Germany‘s, where trade wholesale revenues grew 5.4% YoY to €670 million ($782m) in the first half of 2026, according to German trade body BVMI.
The United States also grew more slowly than Spain, with the RIAA reporting on Tuesday (September 1) that wholesale recorded music revenues rose 6.9% YoY in the first half of 2026.
Spain was the world’s 7th largest recorded music market in 2001, before an 80% collapse over the following 12 years, to around €124 million in 2013 (on a retail basis). Promusicae has attributed that decline in significant part to digital piracy.
The market ranked 13th in the world in 2013, according to IFPI, and 14th in 2024, per the organization’s Global Music Report 2025.
Announcing the full-year 2025 figures in March, Guisasola said record company investment in Spain was “generating returns that bring results back to 2003 levels, making the peaks of 2001 appear within reach.”
EUR-to-USD conversions are made at the average EUR/USD rate across the first half of 2026 of 1.167, per ValutaFX monthly averages.Music Business Worldwide
