An analysis: Who is Spotify concerned with the most?

"Spotify has to keep three competing interest groups - investors, audiences, rights-holders and creators - happy or it does not have a business. As it gets bigger and more established, however, it feels that it can afford to make moves that may antagonise rights-holders / creators and audiences but that will keep investors happy" - Music Industry Blog writes in an analysis of the new Discovery Mode Spotify announced this week (offers artists and labels more play for lower royalty rate). "The logic is that Spotify is getting so big that those two audiences cannot do without it (the ‘too big to fail’ stage) but that investors have many other places to put their money. So, investors are more ‘at risk’ than the others".