Spotify’s board has approved an increase in its share repurchase programme by an additional $1.5 billion. 

With $723 million remaining under the current repurchase programme, the increase brings the total authorisation to approximately $2.223bn.

At the time of the initial share buyback announcement in 2021, the streaming giant said that it demonstrated “our confidence in Spotify’s business and the growth opportunities we see over the long term”.

The repurchase programme will run for as long as the shareholders’ authorisation to the board to repurchase ordinary shares remains in force, including by renewal.

“The timing and actual number of shares repurchased will depend on a variety of factors, including the renewal of repurchase authorisation by shareholders, price, general business and market conditions, and alternative investment opportunities,” said a statement. 

Earlier this month, Spotify confirmed that it had become the first audio streaming service to top 300 million subscribers.

Spotify said the repurchase programme will be consistent with the company’s capital allocation strategy. It may be suspended or discontinued at any time at the company’s discretion.

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 US Securities and Exchange Commission.

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