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Spotify gimlet5/20/2023 Even if a megastar like Taylor Swift, who split from Universal Music Group last year, dealt directly with Spotify, major labels would continue to hold onto a near-century of cataloged music that no amount of direct deals could rival. Both could shake the position of record labels, but neither is a real threat to the traditional music industry’s actual power over Spotify, Apple Music, Amazon Music, and others: labels’ vast catalogs. Spotify made a couple of moves last year that underscored its challenges and hinted at a path forward: It introduced a beta program to allow artists to directly upload music onto the service and, much to the chagrin of major labels, began offering artists direct deals to stream on the platform. Right now, Spotify’s user base is three times bigger than that of its chief rival, Apple Music, but it has struggled with achieving profitability for all of the company’s existence.
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