Without going near your comments on Capitalism, I don't think Spotify's situation is as clear-cut as you do. Why would I pay $20, $15, or even $11, when I can get the exact same service from at least a dozen other companies for $10/month or less? (Rhapsody, Zune, Slacker, Rdio, etc.)

If they raise prices at all, they're likely to lose a significant number of subscribers. If they raise prices and somehow keep those subscribers, the record companies may very well just milk them for the difference in increased licensing costs.