Spain's Recorded Music Market Grew Over 12% in 2022 Amid Streaming Boom
Recorded-music revenue hit an all-time high in Spain last year, growing by double digits over 2021, reports Productores de Música de España (Promusicae), 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 ($494.5 million), marking an increase of 12.4% over the 411 million euros ($440 million) in revenue achieved the year prior, Promusicae reported Monday (March 13).
Eighty-seven percent of last year's total revenue number - or 402 million euros ($429 million) - 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 ($370 million), 98% of which, or 340 million euros ($364 million), came from streaming. Meanwhile, physical sales, which generated 56 million euros ($60 million) in revenue, continued to decline despite growth in the vinyl market.
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In the digital sphere, consumption of both audio and video music streams grew by 13% and 16%, respectively, compared to 2021. That translates to 17 million Spaniards using audio streaming platforms in 2022, with 5.2 million of those listeners holding premium subscriptions - up 18% over the previous year. Overall, nearly 36% of the Spanish population used audio streaming platforms in 2022.
The physical music market continued to shrink despite another strong year for vinyl, which grew 15% and generated 29 million euros ($31 million) in sales, compared to 26 million euros ($29 million) generated by CD sales. In units, more CDs are still being bought than vinyl (2.6 million units compared to 1.7 million vinyl records were shipped in 2022), even as more-expensive vinyl surpassed CDs in revenue terms. Rosalía's Motomami was Spain's top seller on vinyl last year, though Promusicae did not provide sales numbers for the title.
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 ($60 million). 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.
Meanwhile, Spanish-language music further solidified its dominance in the country, with Bad Bunny, Rosalía and C. Tangana outpacing Anglo artists like Harry Styles and Taylor Swift in overall sales (see charts below).
"Closing 2022, maintaining a sustained growth in the last five years - despite the slowdown of the pandemic - is great news that rewards the effort, work and investment of the entire recording industry in our country," Promusicae president Antonio Guisasola says in a statement. "It opens a window of hope to reach levels of the previous decade."
Guisasola adds that other European countries, such as the United Kingdom or Italy, "are achieving great benefits that redound to the brand and culture of the country through music, and ours cannot be left behind in this highly competitive environment in which we have the strategic asset of the Spanish language."
On the downside, piracy continues to be a problem in Spain. Promusicae notes that according to the IFPI Engaging With Music 2022 report, 32% of Spaniards use unauthorized or unlicensed methods to listen to or download music. The percentage is even higher for individuals between 16 and 24 years old, with 49% of that age demographic listening to pirated music.
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Top 10 albums by revenue in 2022:
- Bad Bunny, Un Verano Sin Ti
- Rosalía, Motomami
- C. Tangana, El Madrileño
- Harry Styles, Harry's House
- Rauw Alejandro, Vice Versa
- Sebastián Yatra, Dharma
- Bad Bunny, YHLQMDLG
- Manuel Carrasco, Corazón y Flecha
- Taylor Swift, Midnights
- Mora, Microdosis
Top 10 songs by revenue in 2022:
- Bizarrap x Quevedo, "Quevedo: BZRP Music Sessions, Vol. 52"
- Manuel Turizo, "La Bachata"
- Rosalía, "Despecha"
- Bad Bunny, "Tití Me Preguntó"
- Sebastián Yatra, "Tacones Rojos
- Bad Bunny, "Me Porto Bonito" feat. Chencho Corleone
- Rauw Alejandro, "Desesperados" feat. Chencho Corleone
- La Pantera, Quevedo Juseph, Cruz Cafune, Abhir Hathi "Cayó La Noche (Remix)"
- Shakira, "Te Felicito" feat. Rauw Alejandro
- Bizarrap x Tiago PZK, "Tiago PZK: BZRP Music Sessions, Vol. 48"