[echelon]

Spotify is trying to add new revenue streams and revenue growth.

Netflix is fighting content being taken away - they didn't have their own, and now content owners realize the value of their catalogs. There are also lots of new players (HBO, Disney, Peacock, Amazon, Apple). Once Netflix builds a bigger catalog, they can relax and curate better.

Amazon and Apple don't have these problems. They can purchase studios to artificially build their catalogues. If they weren't buying content, Netflix would be paying less. In fact, Netflix would probably be the beneficiary of studio consolidation if the giants were not writing checks too.

Spotify and Netflix don't have a grocery store or hardware business unit to help speed up investments.

It's vastly unfair to have horizontally scaled command of several industries, especially when they have built in synergies you can abuse.