· Consumption of streaming continues its growth, and reaches 86.9% of total market
· Physical market gets a small rise in the first half of 2023, with the sales of vinyl outperforming CD and reaching 56.2% of total physical sales.
PROMUSICAE releases today sales of H1 2023
Just like every year, the end of the summer break brings the balance of the first half of the recording industry, and today PROMUSICAE, the society that gathers more than 95% of the Spanish recording industry, has presented the figures throughout the first semester of 2023. Statistics are positive and deliver the amount of 214.3 million euros that Spaniards have spent in consuming recorded music in its different formats. These revenues confirm a growth for the Spanish recording industry of 11.53% compared to the same period of 2022 (income of 192.1 million euros).
During the first part of the year, the industry has seen both the digital and the physical markets to increase regarding the same period of 2022. Digital market keeps a good evolution with a rise of 12.82% thanks to streaming, already amounting to 98.7% of this consumption segment in all. Even if digital market is reaching its maturity and percent growth is not as long ago, two-digit increases still happen in this period, as we have seen.
Physical market has also experienced a positive balance the six last months, with an increase of 2.91% in all and vinyl keeping its rising trend with a 6.32% increase regarding the same period 2022, whereas the formats of Compact Disc and DVD continue to lose weight (-1.32% and 32.37%, respectively).
Music is consumed in streaming
Good results of the recorded music market, reflected in first half 2023 figures, emanate from digital consumption, which represents, with 188.6 million revenues, 88% of the industry turnover. In turn, within the digital section, streaming is the format most consumers choose to access music, with 87.8% of the total market and revenues of 188.2 million euros, a rise of 13.26% compared to the same period of 2022. The wider consumption share focuses on audio streaming, which with a total of 84.32% of all consumption represents 156.9 million euros, compared to 29.1 million euros coming from video streaming (only 15.68% of total streaming, despite representing more than a third of streaming music consumption in Spain in terms of time.
As per the rest of the digital market, it continues its decrease, barely representing 1.1%, with a contribution of 2.4 million euros from permanent downloads and mobile phone products.
The resilience of the physical market
During the first half of 2023, the physical market essentially sustained its share of the total market, providing 12% of total income (25.7 million euros), and experiencing an increase of 2.91% compared to the same period of 2022.
Sales of vinyl overcome again those of CD, with 56.2% of physical sales, with revenues of 14.4 million euros and an increase of 6.32% over the same period of 2022. Compact discs were sold 1.32% less than in the same period of 2022, providing 11 million euros that represent 42.9% of the physical market revenues.
Good prospects for recorded music in 2023
Antonio Guisasola, president of PROMUSICAE, appraised positively the figures published today, stating that “to keep on presenting growth figures over the world average is a satisfaction to us and encourages the Spanish recording companies to continue investing in Spanish talent, so that our artists succeed within and out our borders”.
He confirms that “numbers are not deceptive and consumption of recorded music is via streaming, though Spanish fans still want to have a bond with their favourite artists through vinyl, a format that follows the path of sales growth, offering very well cared for products that provide an added value to consumers”.
He concludes by asking the public authorities “to decide once and for all to support the Spanish recording industry, so that it does not lose its own boost and can seize the great momentum experienced by Latin music to consolidate its growth in our country and abroad”.
Summary of most relevant data
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