https://www.cnbc.com/2018/02/28/spotify-ipo-business-model-flaws.html

After nine years as a start-up, Spotify announced plans Wednesday to go public.

As the most popular and celebrated music streaming platform, the company has its share of boosters. Still, as it prepares to join public markets, albeit in a somewhat unusual form, it faces the same problem other internet companies have faced before — a balance sheet that's deeply in the red, and a business model that doesn't show an obvious way to profitability.