The Spanish music market grows 9.42% in 2024 led by streaming
The Spanish music industry is experiencing a notable growth during the current year, reaching total revenues of 568.8 million euros which represent an increase of 9.42% compared to 2023. This economic boost is mainly based on the expansion of the digital format, which contributes 454.5 million by consolidating its absolute dominance in the current landscape 🎵.
Revenue distribution and streaming dominance
The detailed analysis of the market structure reveals that music streaming accounts for 79.1% of total revenues, followed by intellectual property rights with 9.9%, while the physical market retains 9.5% and digital downloads barely represent 0.8%. This configuration evidences the profound changes in consumption habits, where more than 20 million Spaniards use audio platforms and nearly 7 million are premium subscribers who dedicate an average of 22.1 hours weekly to listening to music 🔊.
Streaming evolution since 2019:- 2019: 168.3 million euros in streaming revenues
- 2024: 376.3 million euros, showing constant growth
- Audio streaming increases 14.09% and video streaming grows 7.45%
Streaming is not just a trend, it is the new reality of the Spanish music industry that redefines how we consume and value music
Challenges and issues of the music ecosystem
Among the main obstacles facing the sector, the fight against piracy stands out, which affects 30% of consumers and generates estimated losses of 628 million euros annually. At the same time, there is a need to consolidate the premium subscription model and develop international promotion strategies that strengthen the Spanish music ecosystem 🌍.
Components of the Spanish music market:- Streaming: 450.1 million distributed between audio and video
- Physical market: 53.8 million with vinyl leading despite declines
- Synchronization: 4.1 million (0.7% of the total)
Future prospects and digital transformation
The current landscape shows a market in deep transformation where digital sets the pace but important battles remain to be fought. While vinyl represents analog resistance in a digitalized world, the industry must simultaneously face the challenges of piracy and the constant evolution of music consumption models 🎧.