The license is described as irrevocable, meaning Spotify can continue using your content indefinitely regardless of what you do with your account, and the sublicensable nature means they can pass those rights to third parties.
Spotify's Terms require users to waive their right to sue in court or participate in class action lawsuits, instead requiring individual arbitration for all disputes. Any content you upload grants Spotify a permanent, worldwide, royalty-free license that survives even if you delete your account. You can opt out of the arbitration clause by sending written notice to Spotify USA Inc. at 4 World Trade Center, 150 Greenwich Street, 62nd Floor, New York, NY 10007 within 30 days of first agreeing to these Terms.