You may be correct, however I have a hard time believing that anyone would let it continue for almost 14 years (as Spotify has) if they loose money every single quarter, which is what is claimed by Spotify.
current investors (owners) and the market are well aware of the earnings history of spotify. they also have an educated opinion about future earnings. so, all this is reflected in the market price of spotify stock which is, essentially, the consensus view of the future prospects of the company.
also, investors receive a return on their investment from more than distributed profits such as dividends. capital appreciation is another way they earn money. in the case of spotify, management has decided to invest revenues as well as new capital in growing the business, thereby, generating losses but increasing franchise value which is reflected in a rising stock price.
i am sure investors, particularly the early ones, are quite happy with this strategy given their phenomenal capital gains. this is in fact the operating strategy of most growth companies. amazon, microsoft, apple, etc. are other good examples here... pets.com is a bad example. i guess we will see where on this spectrum spotify ends up!!