Sorry to insist in this point, but as far as I know a big artist left the platform does not has a huge impact. For instance: Neil Young left the platform at Jan/22 and the user base had a constant growth.
Another point that I forgot to mention: not all subscribers are equal to Spotify.
A heavy user that listens Ed Sheeran is less desirable than a heavy user that listens a bunch of podcasts. On the former Spotify needs to collect and pay to the labels and for the latter the cost is marginal.
If we’re talking about one artist, eventually the platform natural growth will offset the effect of a single artist leaving. Platform and network effects is something strong.
If you’re talking about a “catalog removal”, for instance, Universal removes all artists in their portfolio I am more than happy to agree that Spotify will suffer.
