Unlike some naive advice you see here, the real solution is to IMMEDIATELY cancel your subscription.
THIS, and ONLY THIS, will send the correct and strong message that will force a change ASAP.
Sitting around waiting for updates where this or that permission has been added months from now, and trying to figure out if it will be bad or not is not going to do the trick. The INTENTION is spelled out clearly in the new terms.
It is really quite simple: do you trust Spotify to not actually use any of the VAST rights they have written into the agreement, and do you think all these sweeping rights just happened to accidentally end up in there? (As if..)
Personally I resist this sort of monetisation which sells my habits, preferences, contact information etc to others, and in the process eats my data bandwidth and drains my battery for NO REAL BENEFIT WHATSOEVER for myself. Your mileage may vary.
They even reserve the right to take my mobile phone number and use it or sell it on for automated cold calling! Way to go!
I'd also like to point out that the Terms and Conditions dialog only has an Accept button, no No Thanks button, at least not on Android. I can tap the back arrow -but still, shouldn't an explicit button for rejecting the terms be available?
Also, the privacy part of the agreement comes after what looks like the end of the normal policy. It's almost as if Spotify tried to hide it a bit...
To Spotify I can only say this: You should concentrate on your core business: what people like about you. Don't try to be the next Facebook -it won't happen. Apple must be delighted right now -not that they ever were worried, but this is like a gift to them.