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Multiply the per-listener stream rate by the number of listeners for a typical satellite radio cast, and Spotify is clearly getting a *massive* discount relative to other services that didn't make the Big Three into co-owners when they were kicking off.

But there's still something awry: the Big Three take in *gigantic fortunes* from Spotify in licensing payments. How can the per-stream rate be so low but the licensing payments be so large? And why are artists seeing so little?

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