Recorded Music Revenue Increases by 9.42% in 2024, but Vinyl Sales Decline

Recorded music has seen positive results, closing 2024 with revenues of 568.8 million euros, a 9.42% increase compared to the 520 million achieved in 2023. This is the economic assessment made by Promusicae, the entity representing over 95% of the Spanish record market, which details in its report the sales of music in digital and physical formats, as well as the income derived from the management of intellectual property rights of artists and producers. The study also indicates that digital consumption remains steady and subscriptions are on the rise, although physical sales are declining.

According to the entity, 89.4% of this global figure is due to music sales as a whole, with 508.3 million, placing the sector at historic highs from 2004, although still 30% behind the peak levels of 2001. In this regard, the digital market now accounts for over 89% of the music consumed in Spain (454.5 million) in a year where physical sales have decreased by 13.25% compared to 2023 (contributing 53.8 million).

As it stands, music streaming continues to strengthen its position in the Spanish market. Of the 454.5 million euros that digital sales represent for the industry, 99% is contributed by streaming, with 450.1 million euros recorded in the fiscal year. Audio platforms provide the industry with the majority of income (376.3 million compared to 73.8 million from video). Both streaming formats have grown compared to 2023, with audio increasing by 14.09% and video by 7.45%. This translates to more than 20 million Spaniards using audio streaming platforms in 2024, with nearly 7 million opting for a premium subscription service, representing a 14% increase from the previous year, thus maintaining sustained growth in recent years. Despite this, Promusicae notes that Spain still has "a long way to go" to reach the levels of more "responsible" markets in terms of recorded music consumption, where users predominantly choose subscription services, thereby contributing to a stronger music sector. The rest of the digital market comes from permanent downloads and mobile product sales, which, although continuing to lose relevance, collectively contribute 4.3 million euros.

The physical market, on the other hand, has suffered a 13.25% decline in 2024, contributing a total value of 53.8 million euros. Of this, vinyl now accounts for 62.8% of sales, although 8% fewer units were sold compared to 2023 (1.67 million units versus 1.81 million in 2023), with a lower economic contribution compared to the previous year (33.8 million euros in 2024 and 35.2 million euros in 2023).

Other physical formats continue to decline, and in 2024 CD sales fell by 25.4% (contributing 19.6 million euros compared to 26.3 million in 2023). Other formats and DVDs fell by over 35%, with a residual contribution of 162 thousand euros and 155 thousand euros respectively.

The contribution to the industry from intellectual property rights has increased in 2024, with a growth of 12.58% resulting in 56.3 million euros, according to figures provided by the Intellectual Property Rights Management Entity of Phonographic Producers – Agedi. Meanwhile, revenues from music synchronisations for audiovisual productions and advertising contributed 4.1 million euros and were slightly reduced compared to the 2023 figure (representing a 2.14% decrease).