Streaming: key to the future of the music industry
The digitization of the industry has become a fundamental part of industry survival, especially on a stage dominated by cancellations of concerts and festivals during 2020. Since then, digital music remains the driving force of the entire sector. In fact, digital music sales value has not only experienced steady growth since 2006, but now account for more than 80 percent of the total sales of Spanish recorded music, despite the renewed popularity of vinyl in the domestic market. However, this dominance is also due to the success of platforms such as Spotify. A large part of the Spanish population has an account with the Swedish on-demand music service, whether free or paid. It is not surprising that streaming is the source of about 98 percent of the sales revenue generated by digital music in Spain.Live music is back
In 2022, there were more than 97,000 live music concerts held in Spain. This result is especially impressive seeing that in pre-pandemic years, between 2015 and 2019, the total number of concerts remained below 92,000. Madrid, Andalusia, and Catalonia are the most popular regions for live music entertainment, with the vast majority of concert revenues coming from these three autonomous communities. The same is true in terms of the number of concerts held by region.Spaniards prefer certain music genres in a live setting to others, and have a particular penchant for pop and rock music. In fact, in 2022, rock band Fito & Fitipaldis' show ranked as the top concert by number of attendees in all of Spain.
All in all, the Spanish music industry is thriving. Live music is gaining in popularity, with more people now interested in this tangible and unique way of engaging with music. This is good news for artists and venues alike.
When it comes to daily music consumption, streaming takes the lead, and in line with global trends, this segment is responsible for the majority of revenues in the country. Overall, the outlook for the entire music industry in Spain is positive, and the growing interest in attending live shows will give event locations, touring acts, and local communities a much needed boost in revenue after the COVID slump.
