Music recorded in Spain follows its increase in 2024 to 568 million euros, almost 10% more than in 2023

Recorded music has closed 2024 with total income of 568.8 million euros which means A 9.42 percent rise Regarding the 520 million achieved in 2023, according to the economic balance that promusicae has published on Tuesday.

The entity details that 89.4 percent of this global figure is due to music sales as a whole, with 508.3 million, which place the sector in “Maximum historical levels” of 2004. However, they add that it is still 30 percent of the maximum levels of 2001.

The balance indicates that The digital market already provides more than 89 percent of the music consumed in Spain (454.5 million) in a year in which physical sales have decreased by 13.25 percent compared to 2023 (contributing 53.8 million).

Of the 454.5 million euros that digital sales suppose for the industry, 99 percent is provided by streaming with 450.1 million euros noted in the exercise. A figure that for Promusicae confirms streaming growth. Audio platforms bring most of the income to the industry (376.3 million compared to 73.8 in the video).

Both streaming formats grow compared to 2023, the audio 14.09 percent and the video 7.45 percent. According to promusicae, This means that more than 20 million Spaniards used audio streaming platforms in 2024and of them practically seven million did so through a premium subscription service, which represents 14 percent more than the previous year, thus maintaining a sustained growth in recent years.

The entity emphasizes that consumers They continue to bet more and more for accounts that offer additional advantages and services on musical platforms and that generate a better experience and enjoy the music for the user. However, they point out that Spain still has a long way to go until they reach the most “responsible” levels with the consumption of recorded music, where users mostly opt for subscription services, thus contributing to a greater strength of the Musical sector

Vinyl sale falls

On the other hand, the economic balance indicates that The physical market has suffered a 2024 drop of 13.25 percent, which represents a total value of 53.8 million euros. Of these, vinyl already represents 62.8 percent of sales, although eight percent less units have been sold than in 2023 (1.67 million units compared to 1.81 million of 2023), with An economic contribution also minor compared to the previous year (33.8 million euros in 2024 and 35.2 million euros in 2023).

Despite the above, Promusicae says that vinyls continue to interest fans as an object that brings them closer and connects with their favorite artists. The rest of the physical formats continue to fall, and in 2024 the sale of CDs has fallen by 25.4 percent (contributing 19.6 million euros compared to the 26.3 billed in 2023). Other formats and DVDs fall below 35 percent, with a “residual” contribution of 162 thousand euros and 155 thousand euros, respectively.

On the contrary, the contribution to the intellectual property rights industry has been increased in 2024, with a growth of 12.58 percent, which has meant entering 56.3 million euros, according to the figures provided by the entity of intellectual property rights management of phonographic producers – AGEDI.

For its part, Income from music synchronizations for audiovisual productions and advertising have contributed 4.1 million euros and they have been slightly reduced over the figure of 2023 (which is a decrease of 2.14%).

THE PULSE OF THE INDUSTRY

The president of Promusicae, Antonio Guisasola, celebrates market growth in 2024 because “the fruits of the work, investment and effort of the record sector are still collected with the talent and creativity of the artists.”

“This effort is reflected in that we have achieved the 2004 income levels, gradually approaching the 2001 peak. However, the growth rate has slowed down and, although we are going along the good path, we cannot relax our efforts to get our sector to return to the path that should never have left, “he said.

In addition, Guisasola has drawn attention to piracy and remembers that it is an “important” music industry problem, since “there are still 30 percent of pirate consumers.” “This involves unemployed profit for the industry of 628 million euros, according to the data of the Piracy Observatory of the Creators and Content Industries Coalition“He has apostilled.

Finally, he assured that the industry must continue to consolidate the streaming model, which allows consumers to enjoy all the recorded and past recorded music to listen to it “at all times of their life.”

“It is still necessary to support the public sector so that the Spanish record industry can continue to invest in producing new talents in a safe environment, with support such as tax incentives, which, which They still do not apply to recorded music, a system of aid to the record production of emerging artists, and support for the international promotion of Spanish music“He concluded.