Streaming revenues rose over 20% during the first six months of 2020.
Despite being one of the countries most hardest hit by the COVID-19 crisis, Spain’s music industry has managed to emerge relatively victorious thanks to a healthy streaming market. According to music industry trade association Promusicae, the country saw a 3.99% increase in revenue for the first six months of 2020, reaching €145.1 million euros ($171 million), up from €139.5 million for the same time period in 2019.
The revenue gain comes thanks to an increase in streaming revenues, which rose from €101.5 million for the first six months of 2019, to €122.5 million ($145 million) in 2020, a 20.65% increase. It was enough to offset the drop in physical sales, which registered a 45% downturn in revenue due to retail closures during the pandemic.