>"The big 3 record companies have negligible investments in Spotify":
This was not always the case however. The big 3 historically had interest at over 6% and they took money off the table only recently. [1]
>"Even if they did have a non negligible interest in Spotify, that is not the reason it is a non starter. It is a nonstarter because everyone wants to listen to music owned by the big 3 record companies."
Yes we are saying the exact same. I clearly stated that losing that licensing would be catastrophic.