Help me understand Spotify - it just crossed $100B in market cap and I'm not an investor. I had the chance to invest while it was private and I got a fundamental assumption wrong, and I'm still not exactly sure what I missed. My assumption: I thought the artists and record labels would have too much power in the relationship with Spotify, because Spotify needs to have a complete catalog. Netflix doesn't need a complete library of every movie or TV show (you only watch them once, users subscribe to multiple video services), but music listeners want virtually all songs in the app. My assumption was that If Taylor Swift says she's moving off Spotify, they lose millions of customers and do whatever they can to keep her. Tay-Tay has a lot of power in the relationship and can extract a lot of value, eroding margins. But it doesn't seem like that has happened. The only artist I can think of who isn't on Spotify is Garth Brooks. Now of course Spotify itself is such a behemoth that they have a lot of power in the relationship... but how did it get to be that way? Probably just a misunderstanding of the music industry... thoughts?