I don't know, but if they are, that's an insanely incompetent board, because they're undercutting nearly everyone else on the royalty front.
This article is slightly out of date, but jives pretty well with my friends' (and my own former) experiences in the industry:
https://www.theguardian.com/technology/2015/apr/03/how-much-musicians-make-spotify-itunes-youtube
In short, your best bet as an artist to actually make any money on your listens is something like bandcamp, physical merch, or iTunes purchases. Streaming services are good, IF you're already a huge, established name, but if you're not, you're usually looking pennies, not dollars coming in, certainly not at the rates that Spotify pays. (Disclaimer, I got my first streaming royalty check last year from a few EPs that an old band reissued for digital streaming-- and it was TINY.
). I get why it's set up like it is, and no disrespect to the big artists that are making their money off it.
But, again, if Spotify can't turn a profit on $.0011 per play of a song, something ain't right. Either nobody's found a way to make streaming media profitable, or they're hemorrhaging cash somehow.