Spotify has the same licensing agreement.
The difference is that Spotify has a free tier (lower revenue from those users), their users listen more, and they may also have more customers in lower-income countries with lower subscription rates.
Which is to say - of you took a specific category of users - say, US-based paying subscribers and kept their listening activity the same - every streaming service would pay out roughly the same amount of royalties per-stream for that group of listeners.
On an AM family plan, if they are really paying out 0.01 per stream... then anyone streaming more than 19 songs/day is a money loser for apple.