Interesting article Digital Music News Article below, I cannot make a determination of solvency however, artists with Spotify deals should be a little concerned and ask questions. Alternative to the bear case; Spotify will sell to a media or tech giant. However, as we see with Pandora -its not a sellers market.
Rich Tullo
http://www.digitalmusicnews.com/2017/02/02/spotify-bankrupt-ipo/
Ten X Research 