Spotify: It might or might not be in profit

There's a bit of speculation captured over on Paid Content which tries to work out if Spotify has made a profit yet:

Among them (unconfirmed), it says Spotify has earned €60 million in sales since October 2008’s launch.

Spotify won’t confirm that, but tells paidContent:UK: “In total, we’ve paid close to €40 million to rightsholders since launch across all territories. Approximately €30 million of this has been paid in the first eight months of 2010 alone (January to August).”
[..]
If true, it means two thirds, and maybe much more, of Spotify’s income is going out to rightsholders. Regardless, royalty outgoings are generally high. But these payments are also just two thirds of total costs. Hence, Spotify is not yet in profit.

There's an awful lot of fingers up in the air there, but perhaps the key thing to note is forty million Euros going to rights holders. That's tonnes and tonnes of cash, and a pretty good sign that Spotify is confident in its business.

But you wonder how much has found its way to musicians?