Spain's recorded music industry is set to enjoy revenues of nearly 520 million euros ($567 million) in 2023, marking the third consecutive year of double-digit growth. The sector showed a remarkable increase of 12.33% from the previous year, with music sales contributing 465 million euros ($507 million), according to the latest report by PROMUSICAE, an association representing over 95% of the Spanish sector recording.
The growth is attributed to a strong digital market, which now accounts for 86% of music consumption in Spain, with streaming services leading the charge. Notably, nearly 99% of digital sales of €398.6 million ($435 million) came from streaming, with audio platforms generating €330 million ($360 million) and video accounting for the remainder. This trend highlights the continued shift towards digital consumption, with physical sales also on the rise, particularly in the vinyl division, which saw revenue increase by 19% and accounted for over 56% of physical market turnover.
The report highlights the growing embrace of premium subscription models, with over 6 million Spaniards opting for such services in 2023, a 15% jump from the previous year. This reflects consumers' increasing willingness to pay for enhanced music experiences, although Spain still lags behind other markets in terms of premium subscriber shares.
President of PROMUSICAE, Antonio Guisasola, reflects positively on the industry's achievements in 2023, highlighting the central role of the streaming model in providing consumers with access to a vast range of recorded music at a moderate price. He credited this success to the collective talent of the artists and the concerted efforts and investment of the record industry. “We have a very positive assessment for the close of 2023, with high hopes for the reasonable progress of the streaming model that brings to the consumer at a moderate price all the recorded music created thanks to the sum of the talent of the artists and the work, the effort, and investment of the entire recording industry of our country,” he said in a press release. However, he acknowledged the industry's ongoing journey to recover and reach pre-piracy levels in 2001, when revenues were 37% higher than last year.
Guisasola advocates comprehensive support from the public sector and continued investment in artist development to reach and surpass revenue levels before the piracy crisis, with the aim of giving Spanish music a stronger presence on the international stage. “These boosts, combined with the record industry's huge commitment — investing more than 30% of its profits in marketing and developing its artists, and with global investments exceeding $7.1 billion according to details of IFPI, covering all aspects of phonographic production and project merchandising and promotion — will allow us to take the final plunge and overcome them,” said Guisasola. He claims this will allow the Spanish record industry to surpass the all-time revenue highs achieved in other countries.
Top 10 albums in Spain by revenue in 2023:
- Thursday, Donde Quiero Estar
- Karol G, Mañana Será Bonito
- Bad Bunny, Un Verano Sin Ti
- Bad Bunny, Nadie Sabe Lo Que Va a Pasar Mañana
- Aitana, Alpha
- G. Tangana, El Madrileño
- Rau Alejandro, Saturn
- taylor swift, 1989 (Taylor Edition)
- Feid, Feliz Cumpleaños Ferxxo Te Pirateamos el Álbum
- Mora, Paradise
Top 10 songs in Spain by revenue in 2023:
- Bizarrap x Shakira, 'Shakira: BZRP Music Sessions, Vol. 53”
- Marshmello x Manuel Turizo, “El Merengue”
- Vicco, “Nochenterai”
- Manuel Turizo, “La Bachata”
- Yandel x Feid, “Yandel 150”
- Karol G x Shakira, “TQG”
- Quevedo x Myke Towers, “Playa Del Inglés”
- Quevedo, “Columbia”
- Rosalía x Rauw Alejandro, “Beso”
- Mike Towers, “Lala”
from our partners at https://www.billboard.com/business/business-news/spain-recorded-music-2023-revenue-up-streaming-subscriptions-grow-1235631036/