Spain: Streaming Revenues Overtake Traditional Broadcasters

Why It Matters

The crossover signals a fundamental reallocation of advertising spend toward digital, forcing legacy broadcasters to rethink monetisation and accelerating investment in hybrid OTT models.

Key Takeaways

• Streaming revenues €3.58bn surpass TV €3.35bn 2025
• Ad‑supported tiers boost OTT growth, 25% ad revenue rise
• Traditional broadcasters see 5% ad decline, 1% subscription drop
• PwC forecasts streaming ad revenue €655m by 2029
• YouTube digital video ads €1.35bn 2024, near €2bn 2029

Pulse Analysis

The pandemic acted as a catalyst for Spain’s streaming boom, tripling market size in 2020 and pushing user numbers past 40 million. Platforms that once relied solely on subscription fees have introduced ad‑supported tiers, turning advertising into a fast‑growing revenue stream. In 2025, OTT services posted €357 million in ad income—a 25% year‑on‑year increase—while subscription revenue rose 16% to €3.17 billion, collectively outpacing traditional broadcasters whose ad sales fell over 5%.

For advertisers, the shift reshapes media planning. Brands can now reach cord‑cutters on the same platforms that host premium content, leveraging data‑rich targeting that linear TV cannot match. This migration pressures legacy broadcasters to explore hybrid models, such as free‑to‑air channels with programmatic ads or partnerships with OTT players. The competitive landscape is further complicated by YouTube’s dominance in digital video advertising, which generated €1.35 billion in 2024 and is set to near €2 billion by 2029, offering an alternative avenue for reach and engagement.

Looking ahead, PwC forecasts streaming ad revenue exceeding €655 million by 2029 and subscription income topping €4 billion, underscoring a long‑term structural realignment. Investors are likely to double down on content acquisition and ad‑tech capabilities, while regulators may scrutinise market concentration and data privacy. Companies that blend compelling original content with sophisticated ad platforms stand to capture the lion’s share of Spain’s evolving media economy.