Spotify Technology S.A. Dinari dShares

Spotify is the leading global music streaming service, with over 750 million monthly active users and nearly 300 million paying subscribers, with the latter constituting the firm's premium segment. Most of the firm's revenue and nearly all its gross profit come from subscribers, who pay a monthly fee to access a music library that includes most of the most popular songs ever recorded, including all from the major record labels. The firm also offers access to audiobooks and integrates podcasts within its standard music app. Podcast content is not exclusive and is typically free to access on other platforms. Ad-supported users can access a similar music catalog, but cannot customize a similar on-demand experience. Spotify Technology S.A. Dinari dShares provides blockchain-based exposure to the listed underlying security SPOT. Dinari represents that each dShare is backed 1:1 by the corresponding underlying security and supports on-chain transfer, settlement, redemption, and applicable corporate actions.