Technology companies make their money from valuations on Wall Street or venture capital or private equity, which are based on market share, and that’s based on their number of users. They don’t actually have to make money off of music to make money. It doesn’t matter if they lose money. As a matter of fact, they all lose money.
TikTok is valued 3X more thatn Spotify, but the artists whose music powers the platform are seeing very little of that money.