Promusicae has released the third edition of its annual report on the state of the recorded music industry in Spain. The report reveals that recorded music revenue in Spain will see a significant increase of 12.33% in 2023, earning 520 million euros (about $567 million) and outpacing the average growth rate seen in neighboring countries. This growth was mainly driven by streaming, which accounted for nearly 77% of the industry's total revenue.
“The positives of 2023 should not distract us from the important challenges we face, including improvements in gender equality and support for local production,” he said. Antonio Guisasola, president of Promusicae, in a press release. “It is important to take advantage of the boom in Spanish music to properly position our music on a global scale.”
It was carried out in collaboration with the Audiovisual Diversity Department of the Universidad Carlos III de Madrid, an exhaustive analysis using the data published by the Spanish recording industry through Promusicae and the International Federation of the Phonographic Industry (IFPI).
Other key data from the Spanish market include:
- 19 million Spaniards use audio streaming services, while 6 million have subscribed to premium accounts.
- Average music consumption is 22.1 hours per week per person, above the global average of 20.7 hours.
- Recorded music exports contributed 41 million euros (about $45 million) in 2023, increasing by 17.2% compared to 2022 and accumulating 154% compared to 2018.
For Guiasola, it is essential to “take advantage of the good moment of Spanish music to place our music in the place it deserves through all the possibilities it has on its own or together with other forms of entertainment”.
The report also highlights the need to boost the profitability of music consumption in Spain and highlights the importance of a sustainable streaming consumption model that promotes high-quality usage. Furthermore, it highlights the necessity of public and institutional support to encourage the production, marketing and development of Spanish musical talent both domestically and internationally.
The presentation was made by Guisasola, Nacho Gallego (Professor of the Department of Audiovisual Communication and Director of the Postgraduate Diploma in Music Industry and Sound Studies at Charles III University of Madrid), and CEO of Promusicae Soco Colando who explained the main data and conclusions of this report.
The president of Promusicae concluded by adding that “from the sector and the organization we represent, we maintain the utmost willingness to defend the interests of all Spanish record companies that develop so much talent.”
The full report is available for download at Promusicae websiteoffering a more detailed look at the trends and strategies needed to maintain and expand the impact of Spanish music worldwide.
from our partners at https://www.billboard.com/pro/spain-recorded-music-market-2023-revenue-promusicae-report/