Spotify expands share buyback program by $1.5 billion

Spotify has expanded its share repurchase program by $1.5 billion, bringing the total authorized amount to approximately $2.223 billion. The decision was approved by the company’s Board of Directors.

The program includes $723 million in remaining capital from a previous authorization. Spotify noted that the timing and volume of repurchases will depend on market conditions, share price, and alternative investment opportunities. The company may use various methods, including open market purchases, in accordance with U.S. Securities and Exchange Commission rules.

This move follows similar actions in the music industry, such as Universal Music Group’s recent buyback programs, which have included tranches totaling over €1 billion.