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Spanish Recorded Music Revenues Jump 12.43% in 2022 to Nearly $500 Million

Spanish Recorded Music Revenues Jump 12.43% in 2022 to Nearly 0 Million
Photograph Credit score: Guillaume Techer

Spanish recorded music revenues jumped 12.43% in 2022 to almost $500 million.

The Spanish recorded music market ended 2022 with whole revenues of 463 million euros ($496 million) — a 12.43% enhance over 2021. In keeping with PROMUSICAE‘s financial report, 87% of 2022’s determine is attributed to music gross sales.

Digital gross sales now account for 86% of the music consumed in Spain, whereas bodily gross sales proceed to dwindle, falling to 56 million euros. Of the 345 million euros earned from digital gross sales, over 98% comes from streaming.

Audio platforms contributed 280 million euros to the market, whereas video introduced in 60 million — a 13% and 16% enhance, respectively, in comparison with 2021. The prevalence of recorded music on social networks like Fb, Instagram, and brief movies on TikTok and YouTube, continues to play a central function within the time that Spaniards spend on these apps, at 63%. 

Vinyl continues to shine as a mainstay, even because the bodily market shrinks (56 million euros in 2022). When it comes to models, extra CDs are nonetheless being bought than vinyl (2.6 million versus 1.7 million in 2022), however followers are prepared to pay extra for vinyl. Demand exhibits that greater figures may very well be achieved if not for manufacturing and provide chain bottlenecks. Rosalía’s album, Motomami, was primary in vinyl gross sales throughout Spain.

Piracy stays a problem in Spain in 2022, with 32% of individuals nonetheless utilizing unauthorized or unlicensed means to hearken to or obtain music. The quantity rises to 49% amongst younger folks between 16 and 24.

The revenue the trade acquired by means of mental property rights has elevated by 42%, contributing 56 million euros in 2022 — though this determine is “considerably distorted by the restoration of pending changes for personal copying, and the return to regular exercise after the restrictions of the pandemic” in varied sectors, which have an effect on royalties generated by way of music in public venues.

“Closing 2022 sustaining sustained progress during the last 5 years, regardless of the slowdown within the pandemic, is nice information that rewards the trouble, work, and funding of all the recording sector in our nation and opens a window of hope to achieve ranges of earlier a long time,” says PROMUSICAE President Antonio Guisasola.

“International locations round us, akin to the UK and Italy, that are encouraging the non-public sector from the administration, are attaining nice advantages for the nation’s model and tradition by means of music, and ours can’t be left behind on this extremely aggressive setting during which now we have the strategic asset of the Spanish language,” Guisasola concludes.