New York, Aug 21 (TIWN) Swedish music streaming giant Spotify has announced to spend up to $1 billion between now and April 21, 2026 to repurchase its own shares.

"Repurchases of up to 10,000,000 of the Company's ordinary shares have been authorised by the Company's general meeting of shareholders, and the Board of Directors approved such repurchases up to the amount of $1.0 billion. The authorisation to repurchase will expire on April 21, 2026," it said in a statement late on Friday.  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 programme will be executed consistent with the Company's capital allocation strategy, which will continue to prioritise aggressive investments to grow the business," the company added.  "This announcement demonstrates our confidence in Spotify's business and the growth opportunities we see over the long term," said Paul Vogel, Chief Financial Officer at Spotify.  "We believe this is an attractive use of capital, and based on the strength of our balance sheet, we continue to see ample opportunity to invest and grow our business."