Music market focus: Catalonia’s music scene hits a high note: A glimpse into the €850M industry
The music industry in Catalonia is making waves, generating an annual revenue of €850 million and providing employment for 4,000 professionals.
The latest report by ACCIÓ in collaboration with Barcelona Music Tech Hub, released in mid-January, reveals the key elements making the Catalan music sector one of the most innovative and profitable emerging markets in Europe.
Keep reading to discover how Catalonia’s vibrant scene fuels its economic growth and contributes to the thriving Spanish music industry, unveiling its economic impact and cultural significance.
Music made in Catalonia: A driving force in cultural industries
Globally, the recording music industry generates over $26 billion thanks to new revenue models including streaming, which accounts for over 65% of the total recorded music sales.
The Catalan music sector isn’t an exception. There are plenty of business opportunities within this sector both in the digital and live branches.
According to the report titled “Les indústries musicals a Catalunya” revealed that Catalonia is currently home to 379 companies dedicated to music, with Barcelona emerging as the hotspot for music businesses of all scales.
The dominance of live music in Catalonia
Live music dominates the scene as more than half of the music companies primarily focus on live entertainment generating 82% of the total revenue.
Iconic music festivals like Primavera Sound, Cruïlla, or Sónar are great examples of the importance of Catalonia’s music scene at a global level, positioning the region and the city of Barcelona as premier destinations for music enthusiasts worldwide.
Catalonia’s recorded music landscape
Right now, recorded music, which includes record labels, distribution companies, and recording studios, makes up 27% of the Catalan music industry, contributing 10% of the total revenue.
Businesses catering to the corporate sector with musical solutions, including B2B SaaS for music distribution and royalty payouts and reports, such as SonoSuite, account for 9% of the sector.
Catalonia’s role in music technology
In addition to digital music, streaming in particular, and live events, Catalonia plays a pivotal role in music technology.
The report highlights the presence of over 50 local companies developing innovative technologies for the music industry, including AI, and facilitating workflows when it comes to music distribution, creation, promotion, and production.
Barcelona-based businesses like BMAT, a leading music innovation company specializing in music monitoring and ownership data around the world, and SonoSuite’s B2B white-label platform for music distribution and royalty reports, are at the forefront of this digital revolution, according to ACCIÓ and Barcelona Music Hub.
The Catalan music market stands as a dynamic hub, fuelled by its innovative tech companies and acclaimed festivals, reaffirming its position as a powerhouse in both the Spanish and global music landscapes.
Do you want to distribute your artists’ catalog to the most popular music streaming platforms and reach audiences in Catalonia and beyond?