Spotify CEO Daniel Ek says his company is one of the top four digital accounts in revenues for major record labels.

Data released by the BPI on Monday shows the UK trade value of subscription and ad-supported services combined totaled £20 million ($30.5 million) last year. If we assume Spotify has a dominant 70% share of access models, that's only £14 million ($21.4 million) split between the four majors and thousands of indies. For a major with 30% market share, that comes out to £4.2 million ($6.4 million). Not an incredible pile of money.

As the Financial Times points out, "Mr Ek prefers to talk about the money that could be made by commercialising billions of pirated tracks than how much Spotify is actually making."