Everyone making Spotify out to be the villain should really look at their contracts with the labels. The reason they still lose money and pay artists so little is that the major labels take all of Spotify's revenue and don't share it with artists. It was the only way the labels would agree to give them the back catalog. If they could have relationships with artists directly and pay artists more in the process, they would. It would be much more profitable for them. But since most recorded music is owned by a major label, most of music consumers would want to listen to wouldn't be available on Spotify anymore.
So what you have is a great consumer experience, a "valuable" company from a stock market perspective, but no profits, and an entrenchment of the music label industry which has treated artists terribly for decades. Spotify is actually trying to push into podcasts, an industry that doesn't have this entrenched power structure. I think they'd like to sign artists directly, but fear it would cause the major labels to pull out.