Storytel reports strong growth. Beats Q2 expectations

With 621,000 subscribers in Q2 2018, up nearly 200,000 on the same period 2017, Storytel’s CEO Jonas Tellander is reporting another quarter of strong growth.

In a press release Storytel announced,

Streaming revenues for the period totaled circa 239 MSEK ($27.3 million), which corresponds to 43% in annual revenue growth, slightly more than three million SEK higher than expected.

The company’s average number of Swedish subscribers in Q2, 2018 was 314,700 –– an increase of nearly 60,000 subscribers (up 23%) from Q2, 2017, which is just above the forecast. Swedish streaming revenues totaled approximately 126 MSEK ($14.4 million) in Q2, 2018, also just above the forecast.

The average number of non-Swedish subscribers in Q2, 2018 totaled 306,500, beating expectations thanks to an increase of nearly 140,000 paying customers (up 83%) compared to Q2, 2017. Streaming revenues from outside of Sweden equaled approximately 113 MSEK during Q2, 2018, just more than two million SEK above forecast.

Revenues outside of Sweden in Q2, 2018 contributed about 47% of total streaming income, compared to 39% in Q2, 2017.

Said Tellander,

During the past twelve months we’ve launched Storytel in six new markets, and correspondingly grown outside of Sweden by nearly 140,000 paying subscribers. This is proof that our international expansion, featuring local teams and a clear focus on content and marketing, has been effective.

Following the launch in Italy last month Storytel is now operating its streaming (audiobooks and ebooks) service in thirteen countries – Sweden, Norway, Denmark, Finland, Iceland, The Netherlands, Poland, Russia, Spain, India, the United Arab Emirates, Turkey and Italy.

Further launches are expected in Bulgaria and Mexico before the year’s end.

Read the full press release, including a breakdown of the numbers, here.

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