Spotify doesn't make profit from music streaming, despite having over 400M monthly active users, because it pays two-thirds of all its revenue to the rights holders.
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Why Spotify Struggles to Make Money from Music Streaming
https://open.substack.com/pub/olasnewsletter/p/why-spotify-struggles-to-make-money-from-music-streaming-ba940fc56ebd?r=353i97
Despite being the king of music streaming, Spotify is struggling financially, but why?