Thought double-digit growth in major European music markets was dead? Think again.
Spain’s recorded music industry maintained robust growth in the first half of 2025, with wholesale revenues reaching EUR €162.6 million (USD $178 million), up 10.4% YoY.
That’s according to new data published by Promusicae, the trade body representing over 85% of Spain’s digital recording market.
Spain’s growth stands in stark contrast to other major markets, whose YoY trade revenue growth has slowed to the low single digits this year.
Recorded music revenue in the United States increased by just 0.9% year-over-year in H1 2025, while Germany managed only 1.4% YoY growth. France recorded a 3.4% YoY increase.
Spain’s new figures are reported in wholesale “trade value” terms for the first time, representing actual revenue flowing to music companies rather than retail consumer spending. Previously, Promusicae published retail value figures.
At retail value, H1 2025 revenues would translate to €288.8 million ($316m).
Spain’s overall wholesale music streaming revenues reached €144.2 million ($158m) in H1 2025, growing 10.2% YoY – but within that figure were mixed fortunes for subscription and ‘free’ streaming platforms.
Paid subscription streaming led the charge with €103.7 million ($113m) in wholesale revenue, up 18.9% YoY.
That’s doubly impressive considering Spotify did not raise prices in Spain during the comparative period. (According to local reports, Spain is getting a €1-per-month rise in the price of standard Spotify ‘Premium’ this month – September 2025 – to €11.99 per month.)
Meanwhile, ad-supported audio streaming revenues declined 15.4% YoY in H1 2025 to just €18.6 million ($20m).
And ad-supported video streaming revenues remained relatively flat, growing just 1.3% YoY to €21.8 million ($24m).
Total streaming revenues now represent 88.6% of Spain’s total recorded music market, says Promusicae.
The decline in ad-supported audio revenues may reflect deteriorating per-stream advertising rates, rather than just user migration.
Italy experienced a similar phenomenon in 2024, where ad-supported streaming volume surged 53.1% year-over-year but revenues grew just 0.4%, implying a significant decline in per-stream ad revenue.
“Although the adoption of subscription models continues to grow, we are still far from the penetration rates of paid subscriptions seen in neighbouring countries.”
Promusicae
Promusicae’s annual “Radiography of the Recorded Music Market 2024” report — published alongside the H1 2025 numbers — notes that Spain continues to lag behind neighboring countries in paid subscription penetration rates.
According to the report: “Although the adoption of subscription models continues to grow, we are still far from the penetration rates of paid subscriptions seen in neighbouring countries, which have proven to be the key to consolidating digital growth and ensuring a healthy and powerful industry at an international level.”
Spain’s physical market showed surprising strength in H1 2025, growing 14.8% YoY to €17.4 million ($19m) in the first half of 2025.
This growth was driven entirely by vinyl sales, which jumped 25.6% YoY to €12 million ($13m), representing 68.8% of all physical sales revenue.
CD sales declined 3.2% YoY to €5.34 million.
Spain’s physical market remains relatively small at just 10.7% of total market sales/streaming revenues.
Despite Spain’s strong H1 2025 growth figures, Promusicae President Antonio Guisasola highlighted ongoing challenges facing the Spanish market.
Guisasola said: “It is more than confirmed that streaming is currently the main form of consumption sustaining the music market, although we must not forget that the public continues to show great interest in physical products, especially vinyl records.”
Guisasola also addressed the challenges posed by artificial intelligence to the industry.
“We need, in addition to maintaining public support, the commitment of public authorities to support and implement measures to support the sector, such as tax incentives for Spanish phonographic production, or ensuring that legislation in defence of intellectual property is enforced in relation to the use of protected works by AI developers,” he said.
In February 2025, Promusicae reported that Spain’s recorded music market grew 9.4% YoY in full-year 2024 to €569 million (on a retail basis), with subscription streaming driving most of that growth.
According to the IFPI Global Music Report 2025, Spain ranked as the world’s 14th largest music market in 2024.
Partly thanks to digital piracy, the market has fallen from being the world’s 7th largest music market in 2001.Music Business Worldwide
