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Again, it's not hard to understand once you see the structure of Spotify's deal with the Big Three. The Big Three are each guaranteed a monthly minimum payment, irrespective of the number of Spotify streams from their catalog that month. So Sony might be guaranteed, say, $30m a month from Spotify, but the ultra-low per-stream rate Sony insisted on means that all the Sony streams in a typical month add up to $10m.

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