Spain is the latest recorded music market with its first-half figures published, courtesy of industry body Promusicae.
Spanish music industry body Promusicae has published its annual figures for the country’s recorded music market.
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Spanish industry body Promusicae has published some figures for 2022, including the news that the number of music streams grew by 16%.
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Although industry body Promusicae has warned that the country remains behind many of its neighbours in terms of streaming uptake.
Spain’s recorded music market continues to grow – but worries remain over the take up of paid streaming and the spectre of piracy.
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Spain is now a market dominated by streaming – it’s 85% of overall music consumption – and paid subscriptions are finally having an impact too.
New figures published by Spanish industry body Promusicae show a strong bounce back for the country’s recorded music market, after Covid-19 reined in its growth in 2020.
The body says that revenues grew by 22% in the first half of 2021 to nearly €170m, after growth of 4.4% in 2020. Streaming is more than 70% of those revenues, but there was growth in the first six months of 2021 for sales (up by 22%) and video streaming (up by 38%).
A separate Promusicae study outlines some of the dynamics at work in the Spanish market. The number of paid subscribers is “less developed than in other neighbouring countries”, with the popularity of ad-supported free streaming meaning that Spain generates “significantly less income per capita” for recorded music than other European countries.
Ah, the age-old cycle of telcos launching their own music services, then shutting them down in favour of partnerships with third-party music DSPs, then launching their own music services again, […]