Profit and loss can be accounting fiction when needed (eg Amazon), but I think Spotify has the cartel curse. No matter how much money they make, it’s too easy f

Profit and loss can be accounting fiction when needed (eg Amazon), but I think Spotify has the cartel curse. No matter how much money they make, it’s too easy for the labels to see the public finances of Spotify and decide they want to raise the price of licensing. Furthermore, the more people use Spotify, the less profitable the subscription becomes.