Both of those numbers are not profit numbers.

I wouldn't want to be involved in a company that isn't turning a profit.

But, in fairness, this is an industry that is adjacent to Hollywood. It is conceivable that they have some sort of weird profit-laundering scheme going to make sure not too much of the money goes back to the artists or something.

Profit and loss can be accounting fiction when needed (eg Amazon), but I think Spotify has the cartel curse. No matter how much money they make, it’s too easy for the labels to see the public finances of Spotify and decide they want to raise the price of licensing. Furthermore, the more people use Spotify, the less profitable the subscription becomes.