If Spotify is worth $4B, that means the labels have made an "extra" ~$600M in addition to the 70% royalty. Over its lifetime so far Spotify has paid out around $1B in royalties, so an extra $600M is pretty significant.
If Spotify is worth $4B, that means the labels have made an "extra" ~$600M in addition to the 70% royalty. Over its lifetime so far Spotify has paid out around $1B in royalties, so an extra $600M is pretty significant.