I think Spotify will go down in flames as the audio version of Watergate within a few years, once they finish burning through the gigantic amounts of money the labels advanced them. They literally have no sustainable business model.
So I watched the video. Interesting. I'm not sure how much I could comment on it here because the end is both political and promoting the video maker's own project (he says it's not for profit though).
You have misunderstood the video though. Spotify are advancing money to the labels, not the other way round. The connections of the majors to the players in this game (whether Apple, Spotify, Amazon, Tidal, Google/YouTube where links have been reported) is a key part of this.
He is wrong about Apple though. They are using streaming at a loss to support their hardware business, it is a feature of phones and it is now a feature of their new headset venture. And they make so much money that they can continue the game for a long time. Amazon seem to be doing the same thing. Music is why the people I know talk to Alexa.
So those players at least have an interest in the current model, and if they shared the market share of Spotify and Tidal between them over the long term then maybe fees to musicians might start to recover.
However, Meta will buy Spotify if it reaches the stage of collapsing, I predict - very cautiously - if they want to be seriously in the VR game - do they - they will need a bigger streaming backbone, and they buy things. Free Spotify is paid by ads, and Meta understand that concept.
I actually see video streaming going the same way. Sure, Netflix is there now, the film studios' streaming services, but over time and maybe quite quickly, the services not owned by the big hardware and other service providers will find themselves in the same boat. Apple and Amazon will have more to spend on streaming stuff than any single maker, even Disney, in the long run. In fact the music companies have made a better choice in a way by letting other people chew through money trying to make streaming profitable.
I'm going to make another very odd prediction. I suspect that copyright management is about to start playing into this. It is going to make sense, if you make so little out of your old titles, just to wave goodbye to them. This may hit older jazz and classical musicians very hard, but beyond that who makes a living from 1950s or even 1960s recordings any more, with very few exceptions? Or even the majority of newer ones? Those titles make money for nobody, so why not just cast them adrift: they chew up space everywhere for little good. The streaming services themselves compete on the "number of songs" they have, but that is surely a negative: so use another selling point like your interface or the number of products you work with.
For the majors and probably other labels, this also starts to make sense as they still need to track everything and everyone, keep old master tapes, and so on. Sooner or later this turns into a loss per recording for older and esoteric material. Waive copyright, dump the stuff on YouTube and walk away, leave Google to not be able to find any royalty earners that may have a remaining claim. Eventually, though, Google will have the same idea. They can't preserve everything for ever. So we will be left to libraries, archives and small online communities to actually save a selection of what gets dumped. Consider how much of what was released on 78s is preserved now...