Spotify is getting “killed” because it was always a bad business to be in when your costs - payments to labels - scale linearly with your revenue. The exact opposite of a normal tech company that has high fixed costs and very low marginal costs.

> Apple and Google don't even need to turn a profit on their platforms, and both of them are hurting Spotify directly by taking 30% of their subscription payments. Neither of them even directly report revenue from their services.

This is not true. Spotify hasn’t allowed in app purchases of subscriptions in almost a decade.