• Turnover keeps growing, with 9.42% increase in revenues compared to 2023.
• Music sales represent 508 million euros of total turnover, with 9.19 % growth.
• 41% of Spanish population are music audio platforms users.
• In 2024, the number of premium audio platforms subscribers has still risen to nearly 7 million users.

PROMUSICAE announces figures of recorded music revenues in 2024

Recorded music closes 2024 with good results, logging total revenue of 568.8 million euros at the end of the fiscal year, representing a 9.42% increase compared to the 520 million achieved in 2023. These figures open the economic balance published today by PROMUSICAE, the organisation that accounts for more than 95% of the Spanish recording industry, that details the sales of music in digital and physical format (in terms of retail price), synchronisations (use of music for advertising or audio-visual works) and revenue derived from the management of producers and artists' intellectual property rights. 89.4% of the global figure accounts for sales of music in general, with 508.3 million that place the sector at historic highs of 2004, although still 30% below its 2001 highest levels.

Digital market accounts for more than 89% of music consumption in Spain (454.5 million) in a year that saw physical sales decline 13.25% from 2023 (with 53.8 million).

Music is consumed in streaming
2024 ends with the confirmation of streaming music consumption growth in the Spanish market. From 454.5 million euros of digital sales for the industry, 99% come from streaming, with 450.1 million recorded in the year. Audio platforms contribute the majority of the revenue to the industry (376.3 million compared to 73.8 of video).

Both streaming formats grow from 2023, 14.09% audio and 7.45% video. The above translates into more than 20 million Spaniards using audio streaming platforms in 2024, nearly 7 million through a premium subscription service, which represents 14% more than the year before and keeps a sustained growth along last years. Consumers continue to bet more and more for music platforms accounts offering advantages and additional services, that create enhanced user experiences to enjoy music. Notwithstanding the above, in Spain we still have a long way ahead to reach the levels of more "responsible" markets in terms of recorded music consumption, where users mostly choose subscription services, thus contributing to a greater strength of the music sector.

The rest of the digital market comes from permanent downloads and sales of mobile products that, although yet declining, provide 4.3 million euros all together.

Physical market continues to fall, highlighting the sales of vinyl
Physical market has suffered a drop of 13.25% in 2024, providing a total value of 53.8 million euros. Vinyl represents 62.8% of the sales, although in 2023 8% less units were sold (1.67 million units compared to 1.81 million units in 2023^[1]), which translated into a lower revenue regarding the year before (33.8 million euros in 2024 and 35.2 million euros in 2023). Despite the above, vinyl is still interesting for fans and superfans, as a product that brings them closer and connect them with their favourite artists.

The rest of physical formats continue its decrease, and in 2024 the sales of CD dropped 25.4% (providing 19.6 million instead of the 26.3 million in revenue generated in 2023). Other formats and DVDs fall behind 35%, with a residual contribution of 162 thousand and 155 thousand euros respectively).

Other sources of market revenues
The contribution of the intellectual property rights has seen an increase in 2024, growing 12.58% representing 56.3 million euros, according to the figures provided by AGEDI -Entidad de Gestión de Derechos de Propiedad Intelectual.

On its part, the revenues from music synchronisations for audio-visual productions and advertising have contributed with 4.1 million euros and it has been slightly diminished from the figures of 2023 (which represents a decrease of 2.14%).

The pulse of the industry
For PROMUSICAE's president, Antonio Guisasola, "the market growth of 2024 keeps been good news for the recorded music sector in our country, which continues to harvest the fruits of its work, investment and efforts of the recording sector as well as with our artists' talent and creativity. This effort gets a reflection in the fact that we have managed to reach 2004 income levels, gradually getting closer to the peak of 2001. However, the growth rate has slowed down, and even if we are on the right track, we cannot relax on our efforts to achieve that our sector gets back on the path it should never have left.

Guisasola draws the attention to "piracy, which is sometimes forgotten, but is still an important issue for the music industry, as there continues to be 30% of pirate consumers, which represents loss profit of 628 million euros for the industry, according to the details provided by the Piracy observatory of the Coalition of Creators and Content Industries".

He continues saying that "we must continue consolidating the streaming model, which allows consumers to enjoy, at very competitive prices, all present and past recorded music to be listened to at all moments of their life, but still progressing towards subscription-based models, so that monetisation is more adequate for the sector, as already happens in our surrounding countries, towards which we must get closer". 

He finally adds that "it is still necessary the support of the public sector so that Spanish music recording industry can keep investing in new talent in a safe environment, with supportive tax incentives that have not yet been applied to recorded music, an aids system for the recording production of emerging artists and backing promotion of Spanish music internationally".

^[1] Following the publication of 2023 figures there was an update in the number of vinyl units sold in the year, collected in the 2024 report so that they are correctly listed.