Streaming has saved Spanish music industry. Sales of music sold via streaming has increased by 40% in the first six months compared with the same period last year
According to a report by Promusicae (Productores de Música de España) streaming has saved the Spanish music industry. Total turnover for the first six months has increased by 11%. This happens after an increase in revenue for the music industry for the year 2014. It was the first time in 10 years that the music industry had an increase in revenue.
Promusicae says that streaming services that generate revenue through subscriptions or advertising revenue has rescued Spanish music industry from pirate services and the finance crisis. While sales of physical music media is plunging, streaming services like Spotify, Napster and YouTube continues to increase.
For the first time in history, the turnover of online music is bigger than music sold via physical media.