I would think some people might be surprised by this study, released today.
Why is Bandcamp profitable and Spotify not? The answer we arrived at was that Bandcamp provides a simple platform for complex transactions, while Spotify is a technically complicated platform for facilitating a single transaction in the form of the one-size-fits-all subscription.
. . .
But if the original Bandcamp thesis boiled down to “simple business model, complex economics,” the consequent question that it invites — what are the features of that complexity? — became more irresistible to try to answer as our cache of data from the platform grew to encompass two-and-a-half years’ worth of sales activity, today including more than 50 million sales.