Spain’s Recorded Music Market Continues to Boom With 12.3% Revenue Growth in 2023

Promusicae has released the third edition of its annual report on the state of the recorded music industry in Spain. The report reveals that revenue from recorded music in Spain saw a significant increase of 12.33% in 2023, earning 520 million euros (about $567 million) and surpassing the average growth rate seen in neighboring countries. This increase was driven primarily by streaming, which accounted for nearly 77% of the sector’s total revenue.

“The positive figures of 2023 should not distract us from the significant challenges we face, including improvements in gender equity and support for local production,” said Antonio Guisasola, president of Promusicae, in a press release. “It’s crucial to capitalize on the boom in Spanish music to properly position our music on a global scale.”

Carried out in collaboration with the Department of Audiovisual Diversity of the Universidad Carlos III de Madrid, an exhaustive analysis is made 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 includes:

For Guisasola, it is key to “take advantage of the good moment of Spanish music to position our music in the place it deserves through all the possibilities it has per se or together with other forms of entertainment.”

The report also highlights the need to enhance the profitability of music consumption in Spain and emphasizes the importance of a sustainable streaming consumption model that promotes premium usage. Additionally, it underscores 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 given by Guisasola, Nacho Gallego (professor of the Department of Audiovisual Communication and Director of the Master’s Degree in Music Industry and Sound Studies at Charles III University of Madrid), and managing director of Promusicae Soco Collado 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 maximum disposition to defend the interests of all the Spanish record companies that are developing so much talent.”

The complete report is available for download on the Promusicae website, offering a more detailed look at the trends and strategies needed to sustain and expand the impact of Spanish music worldwide.