Spotify is complicated because the big record companies are also big shareholders. They have a conflict of interest.
Also 70% doesn't mean anything without actual numbers. If they lowered their subscription to $1 / month and gave 80% to rights holders it wouldn't be an improvement.
I'd be more interested if they reported how many plays per month it takes to earn as much as you would in a minimum wage job.
Edit: I was curious about the minimum wage question so I looked it up.
Assuming $15 / hour for minimum wage it would take 750,000 streams on Spotify and 430,000 streams on Apple Music to earn the same in a month as you would working a minimum wage job.