They have a superior music listening & discovering functionality to any other competitor by a mile. Is there really anything else needed? I can't see how such a superior product can fail. But it just seems there are so many people in the music industry that are living in the past and are slowing down the pace instead of everyone going all in on it. If Spotify had 10x their subscribers no one would question the model. The problem is that it takes too long time to get to those numbers due to all the friction.