Recorded music in Spain exceeds $546 million in 2023

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Spain's recorded music industry surpassed €500 million ($546 million) at the end of 2023, the third consecutive year of double-digit growth. The industry saw a 12.33% increase compared to the previous year, with music sales contributing €465 million ($507 million), according to PROMUSICAE's latest report, representing more than 95% of the Spanish record label sector.

This growth is attributed to the strong digital market, which now accounts for 86% of music consumption in Spain, with streaming services leading the way. It is worth noting that nearly 99% of digital sales, equivalent to €398.6 million ($435 million), came from streaming, with audio platforms generating €330 million ($360 million). This trend underscores the ongoing shift towards digital consumption, with physical sales also seeing an increase, especially in the vinyl sector, which saw its revenues increase by 19% and accounts for more than 56% of physical market sales.

The report highlights the growing acceptance of premium subscription models, with more than 6 million Spaniards choosing them in 2023, an increase of 15% compared to the previous year. This reflects a growing willingness among consumers to pay for enhanced music experiences, although Spain still lags behind other markets in terms of the share of premium subscribers.

Antonio Gissasola, President of PROMUSICAE, spoke positively about the industry's achievements in 2023, emphasizing the crucial role of the streaming model in providing consumers with access to a wide range of recorded music at an affordable price.

“We assess the end of 2023 very positively, with great hope for the reasonable progress of the streaming model that brings to the consumer, at a modest price, all recorded music created thanks to the sum of the talent of artists and the work, effort and investment of the entire recording sector of our country, in a year we closed bypassing 2006 levels, although we still have a way to go to regain the 37% we still need to achieve 2001 levels. “Last year before the piracy crisis,” he said in a press release.

Jesasola calls for comprehensive public sector support and continued investment in the development of artists to reach and exceed the levels seen before the piracy crisis, with the aim of achieving a stronger presence of Spanish music on the international stage.

“This assistance, coupled with the enormous commitment of the recording industry which annually invests more than 30% of its profits in the marketing and development of its artists, with global investments, according to IFPI data, of more than $7.1 billion in these concepts through all operations related to the production of sound recordings, marketing And the promotion of productive works, will allow us to make a decisive leap in our sector and exceed the highest historical sales levels, as has already happened in other countries, soon.

According to the Promusicae website, the ten best-selling albums in 2023 are:

As for the ten songs: