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SPOTIFY 2022 INVESTOR DAY
TRANSCRIPT
JUNE 8, 2022
This transcript contains forward-looking statements. All statements other than statements of historical fact are
forward-looking. For example, the words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,”
“intend,” “seek,” “believe,” “estimate,” “predict,” “potential,” “continue,” “contemplate,” “possible,” and similar words are
intended to identify estimates and forward-looking statements. Our forward-looking statements are based on our
current expectations and management’s belief about future events and trends, and are subject to risks and
uncertainties, many of which may adversely affect our business and results of operations, including, but not limited to,
our ability to attract prospective users, retain existing users, and monetize our products and services; competition for
users, user listening time, and advertisers; risks associated with our international operations and our ability to
manage our growth; our emphasis on innovation and long-term user engagement over short-term results; our ability
to predict, recommend, and play content that our users enjoy; our ability to be profitable or generate positive cash
flow on a sustained basis; our ability to convince advertisers of the benefits of our advertising offerings; our ability to
forecast or optimize advertising inventory amid emerging industry trends in digital advertising; our ability to generate
revenues from podcasts and other non-music content; potential disputes or liabilities associated with content made
available on our ad-supported service and premium service (the “Service”); risks relating to acquisitions, investments,
and strategic alliances; the impact of the COVID-19 pandemic and other public health crises; our dependence upon
third-party licenses for most of the content we stream; our lack of control over third-party content providers who are
concentrated and can unilaterally affect our access to content; our ability to comply with complex license agreements;
our ability to accurately estimate royalty payments under our license agreements and relevant statutes; the limitations
on our operating flexibility due to financial commitments required under certain of our license agreements; our ability
to identify the compositions and ownership thereof embodied in sound recordings in order to obtain licenses or
comply with existing license agreements; assertions by third parties of infringement or other violations by us of their
intellectual property rights; our ability to protect our intellectual property; the dependence of streaming on operating
systems, online platforms, hardware, networks, regulations, and standards that we do not control; our ability to
maintain user data security; undetected errors, bugs or vulnerabilities in our products; interruptions, delays, or
discontinuations in service arising from our systems or systems of third parties; changes in laws or regulations
affecting us; risks relating to privacy and data security; our ability to maintain, protect, and enhance our brand; our
ability to achieve our net zero emissions target or make progress in other environmental, social, and governance
initiatives; payment-related risks; our dependence on key personnel and ability to attract, retain, and motivate highly
skilled employees; our ability to access capital to support growth; risks relating to currency exchange rate fluctuations
and foreign exchange controls; the impact of economic, social, or political conditions, such as the current conflict
between Russia and Ukraine; our ability to accurately estimate user metrics and other estimates; our ability to
manage and remediate attempts to manipulate streams and attempts to gain or provide unauthorized access to
certain features of our Service; risks related to our Exchangeable Notes; tax-related risks; the concentration of voting
power among our founders, which limits shareholders’ ability to influence our governance and business; and risks
related to our status as a foreign private issuer and a Luxembourg company. A detailed discussion of these and other
risks and uncertainties are included in our filings with the U.S. Securities and Exchange Commission (“SEC”),
including our Annual Report on Form 20-F filed with the SEC on February 3, 2022, and subsequently filed SEC
filings. We undertake no obligation to update forward-looking statements to reflect events or circumstances occurring
after today’s event.
While we have made considerable efforts to provide an accurate transcript, there may be errors, omissions, or
inaccuracies. This transcript is being made available for informational purposes only.