Maluma attends the 2020 MTV Video Music Awards, broadcast on Aug. 30, 2020 in New York City.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 , up from €139.5 million for the same time period in 2019.
The increase is slight, particularly considering that last year it was over 20% compared to the year before. But it’s hugely encouraging in the face of the loss of physical sales, and illustrates the consolidation of streaming in Spain. Those numbers, however, could dip substantially in the second semester due to loss of ad revenue."The slight growth of our industry shouldn’t detract from the huge crisis we'll face in the second part of the year," said Promusicae president."Especially when it comes to the live concert sector, which will have devastating effects for artists and music creators."