As the summer break comes to an end, the Spanish recorded music industry is celebrating a remarkable first half of 2023. PROMUSICAE (Productores de Música de España), representing over 95% of the Spanish recording industry, has just unveiled the numbers — and they are looking positive. The recorded music industry has generated a total revenue of 214.3 million euros ($229.2 million) during this period, reflecting an impressive growth rate of 11.53% compared to the same period in 2022 when the income stood at 192.1 million euros ($205.4 million).
Antonio Guisasola, president of PROMUSICAE, expressed his optimism regarding the industry’s performance in 2023. “To keep presenting growth figures over the world average is a satisfaction to us and encourages the Spanish recording companies to continue investing in Spanish talent, so that our artists succeed within and out our borders,” said Guisasola in a press release.
The digital market continues to be a driving force behind this growth, with a substantial increase of 12.82% compared to the same period last year. Digital formats now account for 88% of the industry’s turnover, totaling 188.6 million euros ($201.7 million). That’s nearly all streaming, which captured 87.8% of the total market and generated revenues of 188.2 million euros ($201.4 million) — up 13.26% compared to the first half of 2022.
Audio streaming represented 84.32% of all consumption and contributed 156.9 million euros ($167.9 million) to the industry. Video streaming, while representing over a third of total music consumption time, accounted for 29.1 million euros ($31.1 million).
Guisasola adds, “Numbers are not deceptive and consumption of recorded music is via streaming, though Spanish fans still want to have a bond with their favorite 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.”
The physical market has also shown resilience in the first half of 2023, maintaining its share of the total market at 12% and experiencing a growth rate of 2.91% compared to the same period in 2022.
Sales of vinyl, in particular, have outperformed CDs, constituting 56.2% of physical sales and generating revenues of 14.4 million euros ($15.4 million) — up 6.32%. CD sales, meanwhile, declined 1.32%, contributing 11 million euros ($11.8 million), making up 42.9% of the physical market revenues.
Guisasola concludes in the press release, “Support the Spanish recording industry so that it does not lose its own boost and can seize the great momentum experienced by Latin music to consolidate its growth in our country and abroad.”
