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SPOTIFY TECHNOLOGY S. A.

55,731,480 ORDINARY SHARES

This prospectus supplement updates and amends the prospectus dated April 3, 2018, which relates to the resale of up to 55,731,480 of our ordinary shares by the registered shareholders identified in the prospectus, as amended and supplemented from time to time (“Registered Shareholders”). The Registered Shareholders may, or may not, elect to sell their ordinary shares covered by the prospectus, as and to the extent they may determine. Such sales, if any, will be made through brokerage transactions on the New York Stock Exchange (the “NYSE”) or other public exchanges or registered alternative trading venues at prevailing market prices. See “Plan of Distribution” in the prospectus. If the Registered Shareholders choose to sell their ordinary shares, we will not receive any proceeds from the sale of ordinary shares by the Registered Shareholders.

This prospectus supplement is being filed to update, amend and supplement the information previously included in the prospectus with the information attached to this prospectus supplement. You should read this prospectus supplement together with the prospectus, which is to be delivered with this prospectus supplement.

Our ordinary shares are traded on the NYSE under the symbol “SPOT.” On May 2, 2018, the last reported sale price of our ordinary shares was $170.00 per share.

Investing in our ordinary shares involves risks. See “Risk Factors” beginning on page 15 of the prospectus to read about factors you should consider before buying our ordinary shares.

The Securities and Exchange Commission and state securities regulators have not approved or disapproved these securities, or determined if the prospectus or this prospectus supplement is truthful or complete. Any representation to the contrary is a criminal offense.

The date of this prospectus supplement is May 3, 2018.

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Spotify Technology S.A.

Interim condensed consolidated financial statements

For the three months ended March 31, 2018

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PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

Interim condensed consolidated statement of operations

(Unaudited)

(in € millions, except share and per share data)

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

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Interim condensed consolidated statement of comprehensive loss

(Unaudited)

(in € millions)

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

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Interim condensed consolidated statement of financial position

(in € millions)

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

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Interim condensed consolidated statement of changes in equity/(deficit)

(Unaudited)

(in € millions)

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

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Interim condensed consolidated statement of cash flows

(Unaudited)

(in € millions)

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

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Notes to the interim condensed consolidated financial statements

(Unaudited)

1. Corporate information

Spotify Technology S.A. (the “Company”) is a public limited company incorporated and domiciled in Luxembourg. The Company’s registered office is 42-44 avenue de la Gare, L1610, Luxembourg.

The principal activity of the Company and its subsidiaries (the “Group,” “we,” “us,” or “our”) is music streaming. The Group’s premium service (“Premium Service”) provides users with unlimited online and offline high-quality streaming access to its catalog. The Premium Service offers a commercial-free music experience. The Group’s ad-supported service (“Ad-Supported Service,” and together with the Premium Service, the “Service”) has no subscription fees and provides users with limited on-demand online access to the catalog. The Group depends on securing content licenses from a number of major and minor content owners and other rights holders in order to provide its service.

2. Basis of preparation and summary of significant accounting policies

The interim condensed consolidated financial statements of Spotify Technology S.A. for the three months ended March 31, 2018 and 2017 have been prepared in accordance with IAS 34 Interim Financial Reporting. The interim financial information is unaudited. The interim financial information reflects all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. The interim condensed consolidated financial statements should be read in conjunction with the Group’s consolidated financial statements for the year ended December 31, 2017, as they do not include all the information and disclosures required in the annual consolidated financial statements. Interim results are not necessarily indicative of the results for a full year. The interim condensed consolidated financial statements are presented in millions of Euros.

On January 1, 2018, the Group adopted International Financial Reporting Standard (“IFRS”) 9, Financial Instruments which replaces IAS 39, Financial Instruments: Recognition and Measurement. The standard introduces new requirements for classification and measurement, impairment, and hedge accounting. Under the provisions of the standard, the Group made the election to present in other comprehensive income, changes in the fair value of its long term investment in Tencent Music Entertainment Group (“TME”), a private company that provides digital music services to users including streaming, online live broadcasts, and karaoke services, without recycling of fair value changes to profit and loss upon derecognition. The Group concluded that the accounting treatment of its remaining financial assets, financial liabilities and derivative instruments under IAS 39 was in accordance with the requirements of IFRS 9 and, therefore, there was no material impact on the Group’s condensed consolidated financial statements upon adoption of the standard.

In June 2016, the International Accounting Standards Board (“IASB”) issued three amendments to IFRS 2, Share-based Payment, in relation to the classification and measurement of share-based payment transactions. The amendments are intended to eliminate diversity in practice in three main areas: (i) the effects of vesting conditions on the measurement of a cash-settled share-based payment transaction, (ii) the classification of a share-based payment transaction with net settlement features for withholding tax obligations, and (iii) the accounting where a modification to the terms and conditions of a share-based payment transaction changes its classification from cash-settled to equity-settled. The amendments are effective for accounting periods beginning on or after January 1, 2018. The Group has adopted the amendments to IFRS 2 as of January 1, 2018 and concluded the adoption had no material impact on the interim condensed consolidated financial statements.

On February 28, 2018, the Board of Directors of the Company approved a 40-to-one share split of the Company’s ordinary shares which became effective on March 14, 2018. All share and per share information included in the accompanying interim condensed consolidated financial statements has been adjusted to reflect this share split.

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As described in Note 22, on April 3, 2018, the Group completed a direct listing of its ordinary shares on the New York Stock Exchange (“NYSE”).

Other than as mentioned above, the accounting policies adopted in the preparation of the interim consolidated financial statements are consistent with those followed in the preparation of our consolidated financial statements for the year ended December 31, 2017. None of the new or amended standards and interpretations as of January 1, 2018 has had a material impact on our financial result or position.

3. Critical accounting estimates and judgments

In preparing these interim condensed consolidated financial statements, the significant judgments made by management in applying the Group’s accounting policies and the key sources of estimation and uncertainty, were the same as those applied to the consolidated financial statements for the year ended December 31, 2017.

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events.

4. Segment information

The Group has two reportable segments: Premium and Ad-Supported. The Premium Service is a paid service in which customers can listen on-demand and offline. Revenue is generated through subscription fees. The Ad-Supported Service is free to the user. Revenue is generated through the sale of advertising. Royalty costs are primarily recorded in each segment based on specific rates for each segment agreed with rights holders. The remaining royalties which are not specifically associated to either of the segments are allocated based on user activity or the revenue recognized in each segment. No operating segments have been aggregated to form the reportable segments.

Key financial performance measures of the segments including revenue, cost of revenue and gross profit are as follows:

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Reconciliation of gross profit

General expenditures, finance income, finance costs, taxes, and share in earnings of associate are not allocated to individual segments as these are managed on an overall group basis. The reconciliation between reportable segment gross profit to our loss before tax is as follows:

Revenue by country

Premium revenue is attributed to a country based on where the membership originates. Advertising revenue is attributed to a country based on where the campaign is viewed. There are no countries that make up greater than 10% of total revenue included in “Other countries.”

5. Finance income and costs

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6. Income tax

The effective tax rates for the three months ended March 31, 2018 and 2017 were 6.0% and (0.5)%, respectively. Drivers of our effective tax rate include permanent differences, withholding taxes, discrete benefit due to fair value gains, and unrecognized tax losses in certain jurisdictions. We operate in a global environment with significant operations in various jurisdictions outside Luxembourg. Accordingly, the consolidated income tax rate is a composite rate reflecting our earnings and the applicable tax rates in the various jurisdictions where we operate.

For the three months ended March 31, 2018, the income tax benefit of €11 million was due primarily to the recognition of deferred taxes as a result of the unrealized increase in the fair value of our long term investment.

Gross tax provisions were €1 million and €6 million as of March 31, 2018 and December 31, 2017, respectively. The gross tax provisions, if recognized, will result in a reduction of approximately €1 million to the provision for income taxes, therefore favorably impacting our effective tax rate. We include interest and penalties related to tax provisions within income tax (benefit) expense on the condensed consolidated statements of operations and income tax payable in the condensed consolidated statement of financial position. Interest and penalties included in income tax expense were not material in any of the periods presented. Transactions recorded through other comprehensive income have been shown net of their tax impact, as applicable, based on currently enacted tax laws.

Net deferred tax assets of €7 million and €6 million have been recorded in the condensed consolidated statement of financial position as of March 31, 2018 and December 31, 2017, respectively. In evaluating the probability of realizing the net deferred tax assets, we considered all available positive and negative evidence of future tax profit, including its past operating results and the forecast of market growth and earnings. As of March 31, 2018 and December 31, 2017, deferred tax assets of €596 million and €581 million have not been realized.

7. Loss per share

Basic loss per share is computed using the weighted-average number of outstanding ordinary shares during the period. For the three months ended March 31, 2018, weighted-average ordinary shares outstanding excludes the issued shares upon the January 31, 2018 exchange of the Convertible Notes due to the option to unwind the exchange. Diluted loss per share is computed using the weighted-average number of outstanding ordinary shares and excludes all potential ordinary shares outstanding during the period, as their inclusion would be anti-dilutive. For the three months ended March 31, 2018 and March 31, 2017, the Group’s potential ordinary shares consist of incremental shares issuable upon the assumed exercise of stock options and warrants, and the incremental shares issuable upon the assumed vesting of unvested restricted stock units and restricted stock awards. For the three months ended March 31, 2018, the Group’s potential ordinary shares also consist of the issued shares upon the January 31, 2018 exchange of Convertible Notes. The computation of loss per share for the respective periods is as follows:

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Potential dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive were as follows:

8. Property and equipment

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9. Intangible assets including goodwill

Amortization charges of €2 million and €1 million are included in research and development in the condensed consolidated statement of operations during the three months ended March 31, 2018 and 2017, respectively. There were no impairment charges for the three months ended March 31, 2018 and 2017.

10. Restricted cash and other non-current assets

11. Issued share capital, Treasury shares, and Other reserves

As of March 31, 2018 and December 31, 2017, the Company had 178,149,800 and 167,258,400 ordinary shares issued and outstanding, respectively, with an additional 5,740,000 and 0 ordinary shares held as treasury shares, respectively.

In October 2017, the Company’s shareholders authorized the issuance of up to 1,400,000,000 beneficiary certificates to shareholders of the Company without reserving to the Group’s existing shareholders a preemptive right to subscribe for the beneficiary certificates issued in the future. On February 16, 2018, the Company issued 10 beneficiary certificates per ordinary share held of record to entities beneficially owned by the Group’s founders, Daniel Ek and Martin Lorentzon. The beneficiary certificates carry no economic rights and are issued to provide the holders of such beneficiary certificates with additional voting rights. The beneficiary certificates, subject to certain exceptions, are non-transferable and shall be automatically canceled for no consideration in the case of sale or transfer of the ordinary share to which they are linked. The Company may issue additional beneficiary certificates under the total authorized amount at the discretion of its Board of Directors, of which the Group’s founders are members. As of March 31, 2018, the Group’s founders held 373,041,200 beneficiary certificates.

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As disclosed in Note 13, in January 2018, the Group entered into an exchange agreement with holders of the remaining balance of its Convertible Notes.

Other reserves

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12. Share-based payments

The expense recognized in the condensed consolidated statement of operations for share-based payments is as follows:

Activity in the Group’s restricted stock units (“RSUs”) and restricted stock awards (“RSAs”) outstanding and related information is as follows:

Activity in our share options outstanding and related information is as follows:

The weighted-average contractual life for the share options outstanding at March 31, 2018 is 3.3 years. The weighted average share price at exercise for options exercised during the three months ended March 31, 2018 was US$121.30. The weighted average fair value of options granted during the three months ended March 31, 2018 was US$34.47 per option.

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The following table lists the inputs to the Black-Scholes option-pricing models used for share-based payments for the three months ended March 31, 2018 and 2017:

13. Convertible Notes

In January 2018, the Group entered into an exchange agreement with holders of the remaining balance of its Convertible Notes, pursuant to which the Group exchanged the remaining US$628 million of Convertible Notes, plus accrued interest of US$16 million, for an aggregate of 9,431,960 ordinary shares. Pursuant to this exchange agreement, subject to certain conditions, if the Company failed to list its ordinary shares on or prior to July 2, 2018, the Group agreed to offer to each noteholder the option to unwind the transaction such that the Group would purchase back the shares that were issued to such noteholder pursuant to the exchange and would issue such noteholder a new note materially identical to its note prior to the exchange. The option to unwind the exchange if a listing did not occur by July 2, 2018 meets the definition of a contingent settlement event, and resulted in the issued equity shares being classified as a financial liability in the condensed consolidated statement of financial position until the option to unwind expired due to a direct listing or the passage of time. Subsequent to period end, on April 3, 2018, the Group completed a direct listing of its ordinary shares on the NYSE, and the option for the noteholders to unwind the January 2018 exchange transaction expired. See Note 22.

14. Trade and other receivables

15. Trade and other payables

16. Deferred revenue

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17. Accrued expenses and other liabilities

18. Provisions