[ci5er]

COGS is going to be ~60% of revenue. That's the royalties.

Gross Margin = Gross Revenue - COGS.

We're down to under $160M.

Spotify has (or had) 1600+ employees. If these were US (CA) based, we'd estimate higher, but since Europeans are relatively "cheaper", let's call it $75K/employee all-in (taxes, benefits, etc.). That's probably light, and doesn't take into account rent or data centers or any expenses, and that costs them ~$120M.

That leaves $40M for "everything else". Assuming that their employees are indeed "as cheap" on average as guesstimated above.

Conclusion: they are surely losing money.