Yes, the 25% less TV rights will hurt us, but it was necessary to remain competitive. Also it's far from crippling, because Spotify alone covered that gap with their 70m in comparison to Rakuten's 40m. Barca Studios is a very good deal, because it wasn't profitable. Now we got 200m and the knowledge to make it profitable in the future.
No, Spotify won't be able to cover it at all. 25% of TV rights based on current numbers is about 42m a year, provided that La Liga TV money doesn't go down, that means we will be short of at least 42m a year for 25 years. And chances are, the TV pie will grow over time, that means while we will receive more for the 75% we still own, we will lose more for the 25% we don't have until we recover it 25 years later.
Spotify pays us 62.5m for everything (men's and women's first team official jerseys, men's and women's first team training kits, plus Camp Nou title rights for the next 5 years), it is more than the 55m we got from Rakuten (which went down to 30m for the 20/21 and 21/22 season due to COVID), but we sold more rights to Spotify not for a lot more money. Not to mention Spotify's deal is likely to be short-term anyways, not 25 years and it will not help us cover the money lost from that 25% of TV money.
Barca Studios IS profitable, it generated 30m of revenue in the 19/20 season and 38.47m in the 20/21 season.