Music sales in Spain grew by 11.53% in first half of 2023 with vinyl LPs continuing to outsell CDs according to Promusicae, the Spanish record industry association. Spaniards spent €214.3 million on music consumption, both in digital and physical formats that represents a 11.53% growth for the Spanish music industry, compared to the same period of 2022 (€192.1 million).
Digital sales rose 12.82% thanks to streaming which represents 98.7% of this consumption segment. Streaming contributed 87.8% of the total market with revenues of €188.2 million, a rise of 13.26% compared to the same period of 2022. Audio streaming had a total of 84.32% of all consumption resulting in sales of €156.9 million compared with video streaming which achieved €29.1 million euros.
Revenue from video streaming is only 15.68% of total streaming revenues, despite being more than a third of streaming music consumption in Spain in terms of time. As per the rest of the digital market, it continues to decline barely representing 1.1% of the total market contributing just €2.4 million from permanent downloads and mobile phone products.
Sales of physical products increased 2.91% during the period with vinyl LPs increasing 6.32% whereas CDs and DVDs continued to decline in popularity with a 1.32% and 32.37% fall respectively. The physical market provided 12% of total income (€25.7 million an increase of 2.91% compared to the same period of 2022).
Antonio Guisasola, president of Promusicae noting that streaming was the primary way Spaniards consumed music said, “Spanish fans still want to have a bond with their favourite 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.”
There is an infographic summarising all these figures here.
