PROMUSICAE PRESENTS THE “RADIOGRAPHY OF THE RECORDED MUSIC MARKET IN SPAIN 2023”

17-07-2024

·        In this report, carried out in collaboration with the Audiovisual Diversity Department of the Universidad Carlos III de Madrid, an exhaustive analysis is made of all the data published by the Spanish recording industry through PROMUSICAE, and worldwide through IFPI.

The report can be downloaded from the following link

[18 July 2024] - PROMUSICAE has presented today at the Puerta de Toledo Campus of the Carlos III University of Madrid the third edition of the Radiography of the Recorded Music Market, which collects and updates the data of the recorded music industry in Spain during 2023, highlighting the trends of the same, as well as the conclusions and needs of the sector to maintain the growth trend of recent years.

The presentation was made by Antonio Guisasola, President of PROMUSICAE, Nacho Gallego (Professor of Audiovisual Communication and Director of the master’s degree in Music Industry and Sound Studies) and Soco Collado, Manager of PROMUSICAE, who explained the main data and conclusions of the report.

Key figures

- Recorded music confirms its sustained growth in 2023, generating 520 million euros in the year, an increase of 12.33% compared to 2022.

- The growth of the industry is mainly due to streaming, which is the main driver of this global growth of the industry, contributing almost 77% of the total revenue of the sector.

- In Spain, 19 million Spaniards will use streaming audio service platforms in 2023, including 6 million through premium accounts.

- In Spain, an average of 22.1 hours of music is consumed per person per week, above the global average of 20.7 hours. Spaniards claim to listen to music in more than 14 activities, considering it a key factor for listening to the radio (for example) and fundamental for better mental health.

- In our country, the average amount spent on streaming is much lower than in the European countries around us, which confirms the growth potential of the Spanish market.

-  Exports of recorded music contributed 41 million euros to music sales in our country in 2023, with a growth of 17.2% compared to 2022 and a cumulative 154% compared to 2018, although there is still much room for growth and improvement to increase the share of Spanish music in the total Latin markets (excluding Spain), which is barely 2%.

Some conclusions of the study

- In Spain, there is no problem of lack of consumption, but there is a problem of profitability, so it would be important to achieve a sustainable consumption model through streaming for all parties involved, promoting the premium consumption of the population.

-  Recorded music still needs public and institutional support to develop its full potential, with access to a fair system of tax deductions, as other artistic disciplines already enjoy; programmes to support the production, marketing, and development of Spanish talent both within and outside our borders, in a current scenario of explosion of music in Spanish from outside our country.

- It is still very important to implement an active internationalisation strategy to take advantage of the opportunities offered by the Latin American market, which represents almost 2,000 million dollars, at a time when Spanish is the second most important language in music.

- It remains a priority to work on minimising unauthorised access to music, as despite all the legal consumption options available to the population, 31% of the audience still report listening to music from illegal sources (this percentage is increasing among younger audiences).

- Artificial Intelligence is currently a challenge for the music industry, particularly in terms of protecting and using intellectual property to support music, not replace it, and to defend the essential role of music created by human beings.

PROMUSICAE's assessment

In the words of Antonio Guisasola, President of PROMUSICAE, "the good figures for 2023 should not make us forget the important challenges facing the sector, such as improving the gender situation, on which we are already working with important programmes and initiatives, supporting local production and achieving tax deductions for record production".

For Guisasola, the key is to "take advantage of the good moment for Spanish music to position our music in the place it deserves, through all the possibilities it has on its own or in conjunction with other forms of entertainment".

The PROMUSICAE president concludes by saying that "the sector and the organisation we represent are fully prepared to defend the interests of all Spanish record companies, which are developing so many talents".

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