Regardless its millions of users, Spotify is a still gamble that offers labels an alternative at a price—sacrificing immediate revenue on the off-chance that the service will get sufficiently large to pay off in stream fees and global exposure. Major labels, like indies, have always been skeptical of this pitch and only really signed off because the business of selling physical music is irrevocably broken.
http://gizmodo.com/5861043/200-indie-record-labels-just-bailed-on-spotify
