Promusicae has launched the “X-ray of the recorded music market in Spain 2023”This is a new report on the Spanish recording industry.
“X-ray of the recorded music market in Spain 2023” It has been carried out in collaboration with the Department of Audiovisual Diversity at the Carlos III University of Madrid, and includes an exhaustive analysis of all the data published by the Spanish recording industry through PROMUSICAE, and worldwide via IFPI.
The report reveals that recorded music revenues have grown in our country by 12.33% in 2023, a percentage higher than the average increase in the countries around us. This is a sustained growth that has reached 520 million euros in 2023.
Growth comes mainly from streaming, which accounts for 77% of the sector’s total revenue. In Spain, nineteen million people used audio streaming platforms (six million of them with premium accounts). As for exports, they have accounted for forty-one million euros, which represents a growth of 17.2% compared to the figures for the previous year and a cumulative increase of 154% compared to 2018.
The conclusions of the study are as follows:
– In Spain there is no problem of lack of consumption, but rather of its profitability, so it would be important to achieve a sustainable streaming consumption model for all parties involved, promoting premium consumption by the population.
– Recorded music continues to need public and institutional support in order to develop its full potential, with access to a fair system of tax deductions, such as those already enjoyed by other artistic disciplines; programmes to support production, marketing and development of Spanish talent both within and outside our borders, in a current scenario of an explosion of Spanish music coming from outside our country.
– It remains very important to achieve an active internationalization strategy to take advantage of the opportunity represented by the Latin market, which represents almost 2 billion dollars, at a time when Spanish is the second fundamental language in music.
– It remains a priority to work on minimising unauthorised access to music, since despite all the possibilities of legal consumption available to the population, 31% of the audience claims to listen to music from illegal sources (this percentage is growing among younger audiences).
– Artificial Intelligence is currently a challenge for the music industry, which faces challenges above all in terms of intellectual property protection and use to support music, not replacing it, and defending the essential role of music created by humans.
You can download the report at this link.
