More than a decade has passed since Netflix first announced its services. The original streaming platform revolutionized the way we consume cinematic content by making the traditional video club model digital and accessible. Since then, streaming services have gained equal followers and haters.

Whichever your vision on the subject, the truth is that streaming platforms have taken over TV, winning the race for viewers worldwide. In Spain, the streaming era goes back to 2015, when Netflix entered the national market. Shortly after, local companies like Movistar and AtresMedia created their streaming services (Movistar+ and ATRESPlayer, respectively), which received significant attention from audiences. Spain is one of the top countries in terms of streaming content consumption.

After a Telecoming report about the Spanish streaming economy, audio and video subscriptions are expected to exceed €3 billion in 2024. According to the analysis, the average expenditure per audiovisual subscription is €158 per year. Similarly, €58.5 will be invested in music annually.

According to data offered by a JustWatch report, Netflix, along with Amazon Prime Video, established themselves as leaders of the industry with 24% of the market share during the last quarter of 2023. They were followed by Disney +, HBO, and Filmin.

On the other hand, more than 33 % of Spanish households will subscribe to streaming video services by the end of the year, while at least 15 % will have hired subscriptions to music platforms like Spotify or Apple Music. As a result, the annual cost per subscription is expected to exceed €180 by 2028.

Besides, video and audio streaming platforms are gaining ground in the digital market through mobile technology, which eases access to content anywhere at any time. Roberto Monge, Chief Business Officer at Telecoming, highlights, “Many users consume these services from the outset on smaller devices because it enables them not only to listen or watch but also to pay.”

Wrapping up, the streaming industry in Spain is blooming. The foreseeable growth in subscriptions and the development of mobile technology make the perfect seeding ground for a streaming-based economy to rise. Finally, we share an infographic summarizing the primary data about the report.