Spotify has never paid a dividend, and a quick search points to that they have done a stock buyback once. I think it's quite safe to say that most of the money does not go to the shareholders.

Most of the money goes to the rights holders, which incidentally happen to be large shareholders in Spotify, but this claim is disingenious.

They did have $1B stock buyback in 2021. They don't pay dividends though.