The Organización de Televisión Iberoamericana (OTI) was formed in 1971 as a tool of exchange of news and audiovisual contents of any kind between the active member broadcasters.

This exhibition and convention hall, which was, at that time, the biggest convention-oriented building of Spain, is located in the Castellana neighborhood, in the central part of the city.

[3] The OTI members, national or private broadcasters from Spain, Portugal and almost all the Spanish and Portuguese speaking countries of Ibero-America took part in the event.

In fact, Telesistema Mexicano, its national television station, had selected Alberto Ángel "El Cuervo" as their representative with the song "Yo no voy a la guerra"[a] composed by Roberto Cantoral, but the entry was disqualified because both the OTI and some voices in Francoist Spain felt that the song had political intentions, which made it unsuitable to compete in the contest.

The presenters gave an inaugural speech in which they highlighted the main goal of the festival, which was to generate a process of cultural and artistic unity between the countries that form the Latin community.

The winner of the festival was chosen by thirteen national juries, which were composed of five members each, making a total number of sixty-five jurors.

Five countries were also tied in last place; Bolivia, Colombia, Peru, Uruguay and Argentina were the less favored entries and received 3 points from the international jurors.