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Spain’s live music industry valued in new report

Spain’s live music industry in 2023 has been valued at around €4.2 billion, according to a new report.

Sympathy For The Lawyer (SFTL), a firm specialising in the legal and financial management of the music business, and Incentiva, a music financing platform, have analysed the impact of live music on the economy and employment in Spain.

The study also evaluates the effect of cultural tax incentives, which have been “fundamental” in growing the music sector.

The direct impact of concerts and festivals in Spain in 2023 – including revenue from ticket sales and other direct income generated at the event, such as sales of drinks, food and merchandising – is said to total €963m.

This figure includes €578 million in ticket sales in 2023 (according to APM, Association of Music Promoters yearbook), which makes up 60% of the total direct impact.

The direct impact of concerts and festivals in Spain in 2023 includes €578 million in ticket sales

Indirect impact – the income generated by concerts and festivals for hotels, restaurants, transport etc – was estimated to be €2.25bn last year. Indirect revenue makes up 54% of the total impact.

And induced impact – additional consumption that employees and suppliers in the live music sector make in the economy – was calculated at €963m. Induced impact represents 23% of the total impact.

The report states that the current tax incentive regime for live music productions, launched in 2021, has been key to the growth of the sector.

SFLT and Incentiva says there has been considerable improvement in the conditions for concert and festival promoters, greater financing for projects and a significant increase in companies and self-employed people interested in investing in culture, concerts and festivals, thanks to the regime.

However, the firms warn that tax deductions for live music are lower than those for the audiovisual sector, which represents a competitive disadvantage for the music industry.

“Furthermore, it is advisable to implement measures to ensure that these incentives are effectively allocated to the live music industry, and that part of these funds intended to support our sector are not diverted to projects whose content is not really of a musical/cultural nature,” it continues.

 


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