Still heavily investing in acquiring music licenses and expanding their business I guess?

That's the modern time, businesses don't aim to make a profit anymore, they aim to grow. AMD is a good example of this practice, it usually ends each quarter with a half a billion in losses [1], with some exceptions here and there. It goes from an almost 4 billion loss to a 1.3 billion profit. It's amazing it still exists, but that's what investor money is for I guess.

[1] https://ycharts.com/companies/AMD/net_income_ttm

If you go to any neighbourhood media store, you will notice the Spotify logo on at least more than half of receivers, TVs, radios, media boxes and so on. They are still growing like crazy so I guess this is where all the money is going for now.

To fuel growth, they have been subsidizing the free tiers from the money they get from paid subscriptions. I believe they could actually make profit if they wanted to. Of course it might then hurt their future growth.

60M subscribers - but how many of them are premium subscribers?