The answer is yes, and no. Yes, there is a legal cooling off period, of 14 days (without having to give reason) as confirmed by the Spanish Consumer Law, articles 70 (contracts signed in shop or office) and 102 (contracts signed outside shop/office, sold by phone or online). (https://www.boe.es/diario_boe/txt.php?id=BOE-A-2014-3329) In article 103 however, there are a number of service providers listed that can legally opt out of this, if they choose so and if they inform the consumer beforehand that by signing the contract for the services, they agree to wave their right to this cooling off period.
Digital services is one of the services mentioned in article 103 and a company like Canal Plus for example, mentions in article 7 of their General Conditions that they do wish to exercise their legal right to opt out and that they will inform their clients before having them sign a contract with them, of their waver.
If you were not informed prior to signing the contract, you will still be entitled to claim your ´derecho de desistimiento´ within the legally established 14 days.
Another exemption is when the goods that were part of the contract, have been delivered or installed or services have been executed and you were told explicitly that by accepting them, you could not make use of your ´derecho de desistimiento´ any more.
Likewise contracts for lodgings (other than as used for permanent home ´vivienda´ as those are ruled by the Ley de Arrendamientos Urbanos which includes clauses with respect to this right), transport of items, car hire, food, items manufactured as per specifications of consumer/client, contracts for delivery of perishable items, for items that cannot be returned for sanitary reasons to name just a few.
With regards to contracts for services or products that include a permanency obligation, you will still be obliged to pay any penalties, relevant to the part of the permanency period still remaining (pro rata).
More info about the right to a cooling off period with regards to contracts you signed from our website HERE.