There’s good news from Spain about the growth of its recorded music market in 2019, but very bad news expected for the rest of 2020 due to the coronavirus pandemic. Industry body Promusicae announced both yesterday.
Recorded music revenues grew by 22.5% to €296.4m (around $324.5m) in 2019 in a market that is now three quarters digital. 75.3% to be specific, with a whopping 95.4% of those digital revenues coming from streaming.
Promusicae said that there are now more than three million people paying for a music subscription in Spain, up 34.9% year-on-year. Subscriptions now account for 53.7% of all recorded music revenues in Spain.
All this is good news for a country once regarded as lost to piracy – and note, too, 2019’s 7.2% growth in physical music sales there.
Now for the bad news: Spain is one of the countries currently most challenged by the Covid-19 pandemic, and Promusicae expects this to have a big effect on the recorded music market in 2020. President Antonio Guisasola suggested that it will “stop us abruptly… All sources of income for record producers will be seriously damaged as a result of the current situation”. This isn’t just about physical sales either: among the €100m of “direct losses” that the body is predicting: “the losses in the streaming platforms will be at least €50m” – although this may be a worst-case scenario based on early data showing a streaming dip.
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