For Bandcamp it’s at least 85% based on the fact that their cut is 15 to 10%. Less than half looks pretty bad in comparison I would say.

The _only thing_ Spotify is doing here is distribution. That is some brutal split if you ask me. The only thing holding them back from converting their user numbers into a more silly-level profit margin, like a proper Silicon Valley SaaS, is the power of a handful of major record labels, which in turn hold the artists by the balls.

As in most online industries nowadays, the ones doing the real work get the smallest piece of the pie. The best course of action for them would be to decentralize, which is entirely possible, but deep pockets need to kickstart that process and there is zero incentive for them to do that.

The fact that it's half of Spotify's revenue isn't a justification, it's essentially an admission that the whole model was never a particularly viable one for recording artists.