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Your math assumes those people only have one track on Spotify. I currently have 25 tracks on Spotify. Without advertising or promotion of any kind, I earned about $12 this year. The big problems are:
I have no delusions about ever making a living off Spotify (or my extremely niche music in general), but the idea that a corporation should be able to monetize my work and not have to pay me anything for it is sort of distasteful
you dont have to let them monetize anything. host it yourself, or sell your music on other sites.