I was struck by this statement:
Spotify, which was created in Stockholm 10 years ago, now boasts of having close to 100 million users in more than 59 markets, despite increasing competition and, so far, a lack of profits.
I get that Spotify is playing the long game, expanding heavily for long term payoffs. Eventually, you have to make money, no? Later the article even says that they recently took on $1B in convertible debt. Crazy.