It’s more complex than that. A major reason artists don’t like Spotify because Spotify shows the number of track streams and regular listeners. This has a huge negative effect on many artists mental health.

Artists signed to Major label’s might get <20% of Spotify’s payment (often substantially less than that after the various spurious desuctions). Indie labels frequently pay 50% of net profits though.

Spotify’s rate per stream is certainly low. And they are in no way artist friendly.

(I manage artists).