He does list as one possiblity that Spotify will one day cut out the labels from the value chain. I personally think it is inevitable; the labels used to source, market and distribute music, and there is nothing (except the "admission cost") that I can see will prevent a distributor such as Spotify to become a label. Spotify has a strong brand name which can be leveraged as a strong asset for "great music" if they do it right, whatever that means. Can't see them put other labels out of business though. Their blue ocean can be to completely ignore physical and go fully virtual, perhaps even as far as offering immersive 3D concerts online, with artists that never appear in person - or perhaps in the future with virtual artists that never even existed irl.
There is also nothing inherently wrong in just being a distributor. Sometimes harvesting a stable profit over decades is better than growing like cancer and then crashing because you're yesterday's news. However the record labels are a threat against the stability and hence it is most likely that Spotify will push to become independent, just like Netflix.