Unfortunately, Spotify has reached a point where there's a potential (possibly even real, but I'm not in any position to know) higher return in monetizing exist

Unfortunately, Spotify has reached a point where there's a potential (possibly even real, but I'm not in any position to know) higher return in monetizing existing users over improving the experience in order to gain new users or make sure they keep whatever miniscule number of users who'd otherwise leave over a lack of updates and improvements (or even a gradual loss of 'minor' features). Spotify is good enough for a vast majority, such that they just won't leave. Then there are other factors like network effects and the power of the default that are far more effective (if your friends are on it, you're much more likely to stay) in keeping users captured to their platform.