I have read it, it was a rhetorical question -- they are burning money at the moment.
I don't doubt that Amazon & Apple threw a wrench into Spotify's plan to introduce lossless quality at a premium price.
Regardless, making profit during the growth period is not a goal for most companies. Most of the money is put into further growth, not into making profit. Amazon didn't turn a net profit on paper for 14 years straight, it doesn't mean anything.
I can't read that as I don't have a subscription for Barron's. But, what I can see does not instill confidence:
"the streaming music service is finally turning things around, largely because of the growth of its ad business".
I know what I would do with my service, be it Netflix or Spotify, when I start seeing ads.
Good question. Here are some answers: https://www.musicbusinessworldwide....bn-on-sales-and-marketing-for-the-first-time/Growth is good, but are they making or burning money?