Music streaming/distribution has to be a heavily commoditized business. Moreover, even the music itself is heavily commoditized, it's hard to eke out a living

Music streaming/distribution has to be a heavily commoditized business. Moreover, even the music itself is heavily commoditized, it's hard to eke out a living unless you build a major brand, or can 'roll your own' fanbase. I don't even understand how Spotify can stay in business in the long run with competitive margin erosion. Perhaps when the industry shakes out, the major streamers will have some value chain power and hold onto their margins. In the meantime, I'm weary of Spotify's valuation as long term credible.