Spain ’s is rocking with its local TV fiction boom, but that is running mostly on one engine: the streaming services — far more than anywhere else in Europe. Yet the market is proving ever more flexible as players test new formulas to finance, launch and maintain hits.

In 2024, global streamers poured €2 billion ($2.2 billion) into Spanish original content — second only to the U.K. at €2.9 billion ($3.1 billion), and way above France and Germany (€8 million, $860 million each) or Italy (€7 million or $750 million), according to a recent European Audiovisual Observatory report.

Nearly 70% of Spain’s total content spend comes from streamers, compared to just 24% in France. That ratio defines the ecosystem. Yet many of Spain’s most resonant hits still originate with broadcasters. Diagonal

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