Music sales grew 12% in the state to 191 million euro, in the first half of 2022, the period in which a increased streaming consumption and that the vinyl format surpasses the compact disc for the first time in 31 years. Despite this almost general increase, Promusicae warns of “a stagnation of physical sales as a whole”, considered “worrying” for the future.
Promusicathe association representing producers and the state music industry, has published a study on the sales of recorded music in the state – they are general data, there are no specific data on the Basque Country – in the first half of 2022, which shows that 191.5 million euros were invested in the consumption of music, both in digital formats and in the purchase of media physical. These revenues represent a 12.4% increase for the music industry compared to the same period of 2021 (170.5 million euros).
The observed growth is a consequence of the “sustained good behavior” of the digital market, which grows by almost 15% driven by streaming, and which already represents 87% of the total market, gaining almost two points of market share compared to the market. physical compared to last year (85.2%). This is due to the slight decline in physical sales (-0.6%) which did not grow despite the great performance of vinyl, whose sales increased by more than 25% and already represent more than half of the total physical market.
Music consumption in 2022 is mainly digital and streaming skyrockets by 15.2%, once again placing itself at the forefront of buyers’ preferences in choosing how to consume their favorite music. The digital market reaches a total value of 166.5 million euros in this semesterwhich implies an increase of 14.6% compared to the previous year (145.3 million).
Of these revenues, 81.2% derive from audio streaming on platforms, in the premium or advertising-financed subscription modes (135.2 million), and for 17.1% from the consumption of streaming video (28.5 million euros), participation still low if you take into account its great weight as a method of access to streaming music. The remaining 2% are not reached by permanent downloads of songs, albums and videos and mobile products such as ringtones and listening.
The negative note is given by the fact that, despite the positive results, the growth rate of the digital market has slowed down considerably compared to the previous two yearssince in 2020 the increase was 19% and in 2021 by 20%, and, above all, if we compare it with the pre-pandemic rates, since in 2019 the increase was more than 30%.
What are you worried about physical sales, the situation becomes even more pessimistic, already in these first months they have stagnated and dropped by 0.6%. The money obtained went from 25.2 million in the first half of 2021 to 25 million euros in 2022, which shows that the level of sales is still “below what it was before the pandemic”. In the first half of 2019 32.7 million euros were sold, the sector stopped entering at 14 million the following year and in the latter two only half was recovered.
More vinyls
Even the considered “spectacular growth” in vinyl sales does not project a favorable outlook for the future of the music industry sector. This half year it increased by almost 26% and vinyl already represents a turnover of 13.6 million euros. A) Yes, 54% of physical records sold in stores are now vinyl, for the first time since 1991 above CD (44%), sales of which drop by 20.8% to 11.1 million euros.
The president of Promusica, Antonio Guisasola, welcomes these results because “it is good news to be able to continue to offer double-digit growth figures” even though he believes that the sector should be worried about the future, since “signs of stagnation are noted” .
Digital
15%
The observed growth is a consequence of the “sustained good behavior” of the digital market, which grows by almost 15% driven by streaming, and which already represents 87% of the total market, gaining almost two points of market share compared to the market. physical compared to last year (85.2%).
