[s3p]

From what I have heard this is because Spotify has many people on their free tier, versus profitable competitors like Apple music which give a trial but are paid-only. If I understand it correctly Spotify's ads on the free tier don't generate the $10/mo revenue they get from paid users.

[jwlstn]

Apple doesn't break out revenue for Music and it's highly unlikely they are profitable, or if they are, it ain't by much.

The labels have a monopoly on talent and content, It's impossible for anyone to make significant money in the streaming game when they have a stranglehold on the supply.