• Spotify Technology average return on tangible equity for 2023 was -78.14, a 449.51% decline from 2022.
• Spotify Technology average return on tangible equity for 2022 was -14.22, a 13.94% increase from 2021.
• Spotify Technology average return on tangible equity for 2021 was -12.48, a 52.67% increase from 2020.

Return on tangible equity can be defined as the amount of net income returned as a percentage of shareholders equity, after subtracting intangible assets, goodwill and preferred equity.