No, spotify (and most other services) build a pool of money for payouts. That money is then divided among all artists based on their % share of all plays for the month
Not all artists. Only those with songs that each have had over 1,000 streams in the previous 12 months. That doesn’t sound like much but they effectively demonetized more than half of the music on their platform at the beginning of 2024.
Absolutely horrible deal for artists. Even worse that the record companies of old.