The digital market accounted for 86% of revenue in the country last year, while vinyl continued to surge despite an overall downward trend in physical media.
Recorded-music revenue hit an all-time high in Spain last year, growing by double digits over 2021, reports Productores de Música de España , the association that represents 95% of the country’s recording industry.
In 2022, Spain’s recorded music market earned a total of 462 million euros , marking an increase of 12.4% over the 411 million euros in revenue achieved the year prior, Promusicae reported Monday . Eighty-seven percent of last year’s total revenue number — or 402 million euros — was generated by music sales, up 9.3% from 2021. The digital market accounted for nearly 86% of music consumed in Spain last year at 345 million euros , 98% of which, or 340 million euros , came from streaming. Meanwhile, physical sales, which generated 56 million euros in revenue, continued to decline despite growth in the vinyl market.
The Promusicae report also notes that revenue from intellectual property rights has been booming for record labels, increasing by 42% last year to 56 million euros . The report cautions, however, that the increase is distorted somewhat by a return to normal activity in sectors like hospitality and nightlife following pandemic-era restrictions.
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