Is Spotify Doomed Before They Launch Their IPO?

Spotify caused a stir when they announced their non-IPO direct listing intentions of making their music streaming service a public company with the issuance of stocks. But now with the imminent passing of the Music Modernization Act through the Senate by both parties, which entails massive increases in songwriter royalty payments, could a cash-strapped Spotify survive? Apple music has billions of dollars to back up any increase in royalty payments, as does Google (GooglePlay, YouTube Music). Pandora, and iHeartRadio are dangerously small and might be better off selling themselves off to one of the bigger players in music streaming. Spotify is a major player in the music streaming game, but has yet to produce a profitable year, let alone month. The launch of their stock would definitely have boosted their bankroll, but now with the Music Modernization Act taking massive cash right out of their pockets and into the deserving hands of songwriters, can the streaming service survive?