BookBeat revenues grow by 28%

Audiobook streaming service BookBeat saw its revenue grow by 28% in 2023 to 1.122bn SEK (Swedish krona, equivalent to £86m) compared to 877m SEK (£67m) in 2022.  

The company said more than 70% of revenues came from international markets outside Sweden. The number of paying users increased by 200,000 to 915,000 at the end of the year. 

Niclas Sandin, c.e.o. of BookBeat, said: "Passing the billion mark is an incredible milestone for BookBeat. It feels almost unreal that the service we started building eight years ago has become a natural part of over 900,000 people’s everyday lives, both in Sweden and internationally. While we increased revenue by 28% in 2023, we also achieved a positive result in the fourth quarter. I am proud of the team that in 2023 we showed that we can not only grow, but also succeeded in the balancing act of doing so in a profitable and sustainable way." 

BookBeat said its largest group of new users in 2023 was between 25 and 34 years old. On a full-year basis, a BookBeat user paid an average of more than 1,500 SEK (£115) for the service (including VAT). “Of that revenue, the majority went back to the publishers and authors,” BookBeat said, claiming 2.65bn SEK (£202m) has been paid out to publishers in Sweden and internationally since BookBeat was widely launched in 2016.  

BookBeat’s goal for 2024 is to continue to grow by more than 20%, passing one million paying users, and showing a positive EBITA result for the full year. It said the start of 2024 “shows continued strong development”. 

Sandin said BookBeat has “high expectations” for growth markets in 2024, including the UK.