Fred - why are you assuming that increased listening hours generate increased losses?
If the increased listening hours occur with the subscription subscribers only, then you statement might be correct as COGS increase and revenues do not. There is a monetization assumption that if you have more listener hours, you have more airtime to sell ads -- more revenue. Technically, if you look at their financial statements, listening hours have increased and COGS have grown at a slower rate -- Gross Margins have improved.
Listener hours are growing at slower rate which with your theory, will help profitability. Although I'm not sure I agree with that.