The people running the company now might be primarily media people rather than tech people. In such situations, there's a tendency to highly value media ("It's what we sell to customers!") and undervalue the infrastructure that makes selling that media possible. Spotify's public fights between management and employees can't be good for recruitment either. If you're an engineer trying to decide between two jobs that are similar in compensation but one has been in the press for labor unrest and the other hasn't, you're probably going to go with the less controversial employer.