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A lot of record labels are part owners. That's how they are "getting away with it". Musicians are the only ones getting screwed by spotify.

http://www.swedishwire.com/jobs/680-record-labels-part-owner...

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Interestingly, listing publicly as they're about to do, will release them from that binding over time. The ownership position will be majority non-label and non-insiders with a modest amount of time. Large investment funds will demand they make appropriate choices specifically to benefit the Spotify business, even if that includes building their own label to compete with the major labels. Assuming Spotify thrives over time, it would seem inevitable they'll pull a Netflix. It makes far too much business sense given their between very low and negative margins in the business as it is today (wherein the labels persistently squeeze them nearly to death).

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