Basically this revised policy is the same as it was from before. The main difference here is that Spotify has written it in a clearer language to help remove any misunderstandings that could arise. For starters, Spotify makes it explicitly clear that they will never gather or use your location data without your permission.
With regards to accessing your photos, Spotify points out that this is only so that you can select individual photos to use as your profile photo or to create a cover art for a playlist, and that they would never scan or import your photo library. They also point out that access to photos can be revoked anytime you decide.
They also point out that they will never scan or import your contacts unless you ask them to, and after which it will only be used to search for friends within Spotify. Access to the microphone will also be enabled explicitly by permission, and will be used to control the app with your voice where applicable.
Like we said this is pretty much what Spotify had tried to say before, but now that it is clearer, hopefully this clears up any misgivings you might have had with the company.