Even $0.01 per play isn't enough to meaningfully fund artists. $3000/month means 300k plays per month. You'll need a lot of good songs that get at least 5k plays per month to get anywhere. With $0.002 it is basically hopeless for anyone who can't get 1.5 million plays per month and we aren't talking about a nice salary to begin with, just enough to get by as a struggling artist.
So yeah the business model isn't enough, the fact that some very popular artists can make it work is actually the exception that proves the rule, everyone else needs funding outside of Spotify.
So yeah the business model isn't enough, the fact that some very popular artists can make it work is actually the exception that proves the rule, everyone else needs funding outside of Spotify.