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How exactly will I be able to opt out of Spotify "collecting" information from my contacts and media files?
And will I be able to do it immediately after accepting the new terms?
There is one way to "opt out" of these recent changes: Use third-party apps to play your Spotify music instead of the official app. One such app I could refer is called SpotEQ, and the developer specifically states in the privacy policy that the app will never touch your photos, contacts, media files, motion, or location data, nor will Spotify be able to through the app. SpotEQ is only for iPhone though, so you'll have to find other apps if you're an Android or PC user.
You should be fine. Spotify has not asked for permissions to use media nor contacts for iOS and PC/Mac devices yet.
If you want to disable Location Services, go to Settings -> Spotify, switch Location Services off.