I contacted Spotify Support and got the problem solved by following these steps:

- Open Notepad as an administrator (right-click - Open as Administrator).

- Go to File - Open and navigate to C:\Windows\System32\drivers\etc.

- Choose "All Files" instead of "Text Documents" next to the File Name box. You'll see a handful of files. Pick hosts and click on Open.

- When the file is open, you will see a block of text with # in front of each line and might see entries like 0.0.0.0 website.com127.0.0.1 website2.com

- Check for any entries with Spotify in the address. Examples may look like: 0.0.0.0 weblb-wg.gslb.spotify.com0.0.0.0 - If you do find any lines with Spotify, please remove them

- Save your changes and restart Spotify.

By following the above steps, the issue got solved for me. Hope this helps!