Spotify is a listed/public co, you can check their financials online, it reported a net loss of 186M€ for 2019 and of 355M€ for the period Jan-Jun 2020
Tidal is privately owned, its parent company in 2018 reported a net loss of 36.9M$ (public information).
Qobuz is also privately owned and doesn’t seem to be reporting financials, it was taken over from receivership in 2015 by a French group (public information).
I’m a paying subscriber to the 3 platforms and I’m very happy with the services they offer, I do wish them lots of success. But I’m just saying that it seems to be a challenging environment...
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