Spotify is becoming a popular home for Spanish music and is proving to be a stellar market for Spanish artists as the company’s annual Loud & Clear music economics report, an initiative that it says makes it “the only streaming provider to share data on artist remuneration” shows.
Per the report, royalties generated by Spanish artists on Spotify exceeded EUR €123 million ($133 million per 2023 exchange rate), in the 2023 year, which shows almost 4 times the numbers generated by Spanish artists back in 2017.
The report shows that, per Promusicae, Spotify royalties from Spanish artists grew 24% and Spain saw revenues up 15% YoY in 2023.
When compared with the European Union as a whole Spotify royalties grow 16% YoY in 2023 and Spain accounted for about 8.2% of the €1.5 billion ($1.62 billion) in royalties generated by EU artists on the platform in 2023, which can be argued is a bit disappointing when considering that Spain is close 10 11% of the European Union’s population.
However, Spotify data showed that more than 50% of royalties generated by Spanish artists came from outside Spain, and the country accounted for 11.1% of all the EU music that was discovered by Spotify listeners during 2023.
You can read more about the report, and explore more data related to Spain right here.
