[bln_wgc]

Should be noted that those are gross revenue numbers... ~80% of their gross revenue goes to the record companies and that percentage is constant as Spotify grows (i.e., there's no economies of scale to it).

It's similar to Uber, who had $37 billion gross revenue for 2017, but pays out 80% of that in driver commissions and additional subsidies to riders and drivers.

Seems like a problem for both industries; they'd need to hit insane scale (hard in music streaming for Spotify to 5x) or take control of the content/supply base to hold down costs.