Spain’s Recorded Music Market Continues to Boom With 12.3% Revenue Growth in 2023

📆 18/07/2024 11:44 a. m.
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In Spain's recorded music market, revenue was up 12.33% in 2023 — according to the new annual report by Promusicae.

Promusicae has released the third edition of its annual report on the state of the recorded music industry in Spain. The report reveals that revenue from recorded music in Spain saw a significant increase of 12.33% in 2023, earning 520 million euros and surpassing the average growth rate seen in neighboring countries. This increase was driven primarily by streaming, which accounted for nearly 77% of the sector’s total revenue.

The average music consumption is 22.1 hours per week per person, above the global average of 20.7 hours.

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