Logic dictates that Spotify's in-progress and long-awaited IPO attempt will be contingent upon showing a path to profitability and long-term stability. In addition to Universal, deals with the other labels toward selective windowing to drive down the revenue Spotify shares with the labels, from 56 percent to around 51 or 52 percent, will help that profitability. But for stability, the company will still need to re-sign long-term license deals with each of three major labels.