Who makes money out of Spotify? | Sam Leith

Somebody must be making money out of the music-streaming service Spotify, mustn't they? This isn't the early 1990s, after all. You can no longer have a business model that says: we're going to be a tech-sounding company, right, and venture capitalists are going to give us millions, right, all of which we are going to spend on cargo pants, haircuts and those weird trainers with ninja toes. And then, as long as we get to the stock market flotation before anybody notices that we haven't worked out ...

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