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If anyone thinks Spotify has leverage over record labels, I would challenge you to compare Spotify's operating losses year over year VS. Apple Music's operating losses year over year.

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Can you elaborate on that? What are their losses?

184.5 MM € in 2015[0].

[0]: http://www.businessinsider.com/r-spotify-revenues-grow-80-pe...

And what is Apple music's operating losses?

Spotify has always talked about losses being expected, they want user growth at any cost.

http://www.recode.net/2016/5/23/11749122/spotify-losses-reve...

It is certainly normal for startups to expect losses and only want to gain users, but it's not a sign of strength in themselves or their business model.

If you're trying to gain users at any cost then other businesses will take advantage of that desperation.

And meanwhile there's SiriusXM with $745 million in net income, up nearly 50% over 2015.

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