Spotify’s success is heavily qualified, though. It may be the Netflix of music, but it’s never posted a profit; in 2022, with nearly a half-billion users around the world, around 200 million of whom pay for the service, it lost 430 million euros (the company is based in Sweden).

How does one get to repeatedly lose hundreds of millions of dollars on and on and somehow endure? Some stockmarket shit?

Another thing: let's not forget that when music streaming showed up, the music industry was already struggling. The CD era was over; everybody and their mom were sailing the high seas on P2P networks.

[–] setto@fed.dyne.org 2 points 11 months ago

Finanical gain was never the purpose of Spotify. What spotify provides is the closest channel we know to monitor human emotions. The ability to corelate this data with all the other data gathered from social networks and search engine is well worth the loss.

https://thebaffler.com/downstream/big-mood-machine-pelly

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