NEW YORK--(BUSINESS WIRE)--Spotify Technology S.A. (NYSE:SPOT) announces that it will commence a stock repurchase program beginning in the fourth quarter of 2018. Repurchases of up to 10,000,000 of the Company’s ordinary shares have been authorized by the Company’s general meeting of shareholders and the Board of Directors approved such repurchase up to the amount of $1.0 billion. The repurchase program will expire on April 21, 2021. The timing and actual number of shares repurchased will depend on a variety of factors, including price, general business and market conditions, and alternative investment opportunities. The repurchase program will be executed consistent with the Company's capital allocation strategy of prioritizing investment to grow the business over the long term.

Under the repurchase program, repurchases can be made from time to time using a variety of methods, including open market purchases, all in compliance with the rules of the United States Securities and Exchange Commission and other applicable legal requirements.

The repurchase program does not obligate the Company to acquire any particular amount of ordinary shares, and the repurchase program may be suspended or discontinued at any time at the Company’s discretion.

About Spotify Technology S.A.

Spotify is the largest global music streaming subscription service with 191 million Monthly Active Users and 87 million Premium Subscribers. With a presence in 65 countries and territories, and more than 40 million tracks, it has transformed the way people access and enjoy music.