My spotify wrapped says I listened for 50,000 minutes this year. Assuming 2 minutes per song, that's 25,000 streams. I paid them $110, aka $0.004/stream. Assuming I'm a typical user, they obviously could not afford to pay any more than that per stream.
I googled "spotify pay per listen" and the first result is a reddit comment saying "The average payout on Spotify is only $0.004 per stream." The google AI overview says "Spotify [..] pays artists a fraction of a cent, typically $0.003 to $0.005 per stream". So I'll assume it's something in that ballpark.
So it seems like Spotify's payouts are completely reasonable, given their pricing. Is my logic wrong somewhere?