Labels literally negotiated their own royalty rates down in exchange for shares in Spotify. It’s the perfect way to push artists out of receiving earnings.
I think record labels would be first in line to buy Spotify if it was ever for sale.
Why do you think that a platform with so many customers as to be industry defining, with dozens of interface options, with a massive feature set, with a global footprint and basically flawless uptime requirements, could be kept running by two guys?