I have solved this issue but wanted to post to help people who may be experience a similar issue.
I suddenly was unable to play songs on Spotify. I tried local and streamed tracks - nothing played. The Spotify UI brought up the album information and what not. The seek bar would sit at 0.00 and would not move, and at times no time (0.00) would even show up at all. I tried downgrading which would temporarily illeviate the issue until I restarted Spotify - Then the error message "There is a problem with your soundcard" would appear. Nothing seemed to prevail - Clean installations... Nothing.
I started troubleshooting my soundcard as I determined it since the error message showed up in the previous version that must be the issue. So I started going through my settings on the included software with my soundcard (Asus Xonar Phoebus), then I noticed that the features "GX 3.0 game audio engine and Soundradar" were enabled. I had remembered that Spotify worked find prior to enabling these. I disabled these features and restarted Spotify. Spotify suddenly worked again. I tested Spotify with these features disabled and enabled and showed consistently that Spotify would only work with these features disabled.
If you are experiencing similar issues I suggest looking through your settings and ensuring these features are diabled or any unneeded ones are in your soundcard settings as Spotify does not play nice with soundcards trying to mess with it's audio track. To Spotify Developers, I understand you carry a heavy task trying to make your product work with all platforms so I cannot fully blame you. However, please take note of this issue and solve it.
Good luck everyone! 🙂