Maybe, for the first time ever.

Though historically when Spotify has come close to making a profit, record labels see it as an opportunity to demand more or pull out.

Many companies, for example, Amazon during its rise to power, will choose to not profit and instead reinvest in business growth and avoid tax. When there is profit, there is more tax; As i understand it, if all the revenue is allocated to expenses, it will benefit from large tax exemptions. It's sort of like running a for-profit entity as if it were a non-profit entity, though by choice and not mandate.