Spain swims against European tides, as Pay-TV maintains strength and FAST gains momentum

Spain’s video entertainment market is navigating a different course to many of its European neighbours, exiting the year with renewed stability and a blend of traditional strength and digital evolution. New findings from Futuresource Consulting’s latest Video Insights Spain report show total consumer spend rising 5% to €5.1 billion in 2025, underpinned by a Pay-TV sector that maintains its position as the country’s largest entertainment category.

“Spain doesn’t follow the patterns we’re seeing elsewhere,” says Rachel Mitchell, Research Analyst at Futuresource Consulting. “It sets its own pace. And while other markets are moving towards streaming dominance, Spain continues to balance a powerful Pay-TV base with one of Europe’s most energetic FAST and ad-supported ecosystems. It’s this combination of loyalty, innovation and localised choice that makes Spain such a compelling market to watch.”

Pay-TV stands its ground

Pay-TV retains 47% share of total spend in 2025, supported by premium sports rights, multi-service bundles from major operators, and strong fibre-led IPTV expansion. IPTV now accounts for more than 80% of Pay-TV households, while satellite has almost faded from the landscape. At the same time, telcos continue to play a defining role. Movistar Plus+ has rebounded through O2 bundles and marquee sports rights, while Orange is pushing premium convergent offers, and Vodafone has refreshed its entertainment line-up for both consumers and hospitality venues.

Rather than contracting, Futuresource expects Pay-TV revenue to grow at a 4% CAGR out to 2029, demonstrating that Spain’s market stands in stark contrast to the declines seen in territories such as Italy or the UK.

Spain becomes a FAST/AVoD powerhouse

Spain is also emerging as one of Europe’s most dynamic ad-supported streaming markets. Around 75% of viewers consume FAST/AVoD content weekly, and 60% report that they are no longer watching traditional linear TV. That’s the highest shift among major European markets. Platforms such as Pluto TV and Samsung TV Plus continue rapid expansion, each offering well over 100 themed channels, while Rakuten TV strengthens its FAST portfolio and B2B partnerships.

“This surge reflects a clear behavioural trend,” says Mitchell. “Spanish audiences are increasingly comfortable mixing premium Pay-TV subscriptions with free, ad-supported streaming, with hybrid viewing engagement levels that place Spain ahead of many other markets.”

Streaming growth cools, but stays central

SVoD continues to expand, though at a more measured pace than previous years. Futuresource expects consumer spend to reach €2.1 billion in 2025, with subscription numbers climbing to 21.3 million, fuelled by service stacking and high engagement with local originals.

Netflix leads the market, followed by Amazon Prime Video, Disney+, and HBO Max, which together account for 87% of all subscriptions. Growing adoption of ad-supported tiers is moderating overall revenue growth but broadening accessibility.

Cinema shapes a diverse ecosystem

Spain’s box office is set for a 7% uplift in 2025, supported by stronger admissions and a deeper Hollywood slate, while local content continues to find its place among international heavyweights.

Meanwhile, the digital transactional segment contributes modestly but steadily to overall growth, buoyed by a robust release pipeline and ongoing consumer appetite for early-access formats.

“Looking ahead, Spain’s video market is on track to exceed €6.3 billion by 2029,” says Mitchell. “Yet what truly defines Spain is its balance between premium Pay-TV, increased FAST usage, and a rich ecosystem of global and local streaming services. It’s a market shaped by choice, not replacement, and that’s where its long-term strength continues to lie.” 

About Futuresource

Futuresource Consulting provides the insights that power the world’s leading technology and media companies. For more than 30 years the firm has combined rigorous data, sector expertise and a forward-looking view of market change. Its syndicated research, consulting services and industry partnerships span consumer electronics, entertainment, Pro AV, education and emerging technologies.

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