The labels themselves are large shareholders in Spotify, so they would have to balance the monetization of their own artists with Spotify's label artists. This

The labels themselves are large shareholders in Spotify, so they would have to balance the monetization of their own artists with Spotify's label artists. This could lead to cartel-like behavior among the stakeholder labels and crowd out the smaller players, but that's basically been happening in the industry for a long time so I'm not sure how big the impact would be.