Can Spotify survive through to their IPO?

Spotify's planned initial public offering (IPO) appears to be subject to delays as it rethinks crucial licensing deals with Universal, Sony and Warner who together have significant oligopolistic power in the music publishing industry.

The music streaming industry seems to be a two-horse race between Spotify and Apple (I've heard of lots of people trying to end their subscription to Amazon Music) but will Spotify - which is yet to turn a profit - eventually run out of cash before their IPO gets off the ground?

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