https://newatlas.com/spotify-music-stream-doomed-business-model/53638/

As Spotify makes its long awaited move onto the public stock market, the company has filed over 200 pages of information with the United States Securities and Exchange Commission, providing a remarkable insight into the workings of what is currently the world's largest subscription music streaming service. The data reveals that although Spotify has been rapidly expanding its subscriber base, it also has been hemorrhaging money.