Advanced Television

Spain: Streaming revenues overtake traditional broadcasters

February 20, 2026

From David Del Valle in Madrid

Streaming platforms in Spain have surpassed traditional television operators in revenue for the first time, according to to the Entertainment and Media Outlook 2025–2029 report by Price Waterhouse Cooper (PwC), cited by Dircom. Advertising has played a pivotal role in driving the shift

In 2025, streaming services such as Prime Video, Disney+ and Netflix generated €3.58 billion in Spain, outpacing the €3.35 billion ( a 3 per cent decline)recorded by conventional television groups. The milestone reflects a profound transformation in the country’s audiovisual market, accelerated by the recent introduction of advertising tiers on subscription-based platforms.

Until recently, streaming companies relied almost exclusively on subscriber revenues. However, the rollout of ad-supported models has significantly boosted their growth. The trend stands in stark contrast to that of traditional broadcasters, where declining audiences are weighing heavily on advertising income.

Revenues in the conventional television sector are split almost evenly between subscriptions – including services such as Movistar Plus and Orange TV – which contributed €1.74 billion, and advertising, which accounted for €1.61 billion. Both avenues are contracting: subscription income fell by 1 per cent, while advertising dropped by more than 5 per cent. PwC forecasts that both lines of business will continue to decline through to 2029, the final year covered in its projections.

The picture is markedly different for OTT platforms. Subscription revenues rose by 16 per cent to €3.17 billion, while advertising income — though still comparatively modest at €357 million — increased by 25 per cent. Overall, streaming revenues grew by 7 per cent year on year.

Looking ahead, PwC projects that by 2029 advertising will contribute as much as €655 million annually to streaming platforms operating in Spain, while subscription revenues are expected to exceed €4 billion.

The report notes that Spain’s streaming market expanded dramatically during the pandemic, tripling in size in 2020. This year, the number of users is expected to surpass 40 million.

A third significant player in the audiovisual landscape is YouTube which has recorded notable growth in recent months. PwC estimates that the digital video advertising segment — dominated largely by Google’s video-sharing platform — reached €1.35 billion in 2024, representing an increase of 13 per cent. That figure is forecast to approach €2 billion by 2029.

The findings underline a decisive structural shift in Spain’s media economy, with streaming platforms consolidating their position at the centre of both subscription and advertising growth.

Categories: Broadcast, Headline, Markets, OTT, Premium, Research, VOD

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