14/264 • Expand our Non­music Content and User Experience. We are an audio first platform and have begun expanding into non­music content like podcasts. We hope to expand this offering over time to include other non­music content, such as spoken word and short form interstitial video. • Expand our ‘Spotify for Artists’ Initiatives. We will continue to make investments in the artistic community, by providing artists with even more ways to connect with their fans. By investing in tools that will help further the creation of music, we hope to find more ways to help artists reach Users to grow their audiences. Risks Associated with our Business and of Owning Our Ordinary Shares Our business and owning our ordinary shares are subject to numerous risks and uncertainties, including those highlighted in “Risk Factors.” These risks include, but are not limited to, the following: • your ability to sell your ordinary shares at or above the price you bought them for due to (i) our listing not having the same safeguards as an underwritten initial public offering, which may result in the public price of our ordinary shares being volatile and declining significantly upon listing, or (ii) the failure of an active, liquid, and orderly market for our ordinary shares to develop or be sustained; • our ability to attract prospective Users and to retain existing Users; • our dependence upon third­party licenses for sound recordings and musical compositions; • our ability to comply with the many complex license agreements to which we are a party; • our ability to generate sufficient revenue to be profitable or to generate positive cash flow on a sustained basis; • our lack of control over the providers of our content and their effect on our access to music and other content; • our ability to accurately estimate the amounts payable under our license agreements; • the limitations on our operating flexibility due to the minimum guarantees required under certain of our license agreements; • our ability to obtain accurate and comprehensive information about music compositions in order to obtain necessary licenses or perform obligations under our existing license agreements; • potential breaches of our security systems; • assertions by third parties of infringement or other violations by us of their intellectual property rights; • the substantial control our founders have and will continue to have over our business due to the concentration of voting power among them; and • risks related to our status as a foreign private issuer. Corporate Information We were organized under the laws of Luxembourg as a société anonyme and incorporated on December 27, 2006 with our registered office at 42­44, avenue de la Gare, L­1610 Luxembourg and registered with the Luxembourg Trade and Companies’ Register under number B. 123.052. Our principal operational office is located at Regeringsgatan 19, 111 53 Stockholm, Sweden. Our website is www.spotify.com. We do not have a phone number. The information contained on our website is not incorporated by reference in this prospectus and you should not consider information contained on our website to be a part of this prospectus. 7