Storytel revenue rises 31% in 2022 as subscriber base grows 

Storytel’s revenues for 2022, excluding Russia, grew by 31% compared to 2021, in line with its forecast.

Streaming revenue for last year totalled 2,848 MSEK (million Swedish krona) for the group, excluding Russia, equivalent to roughly £224m. In 2021 the company made 2,182 MSEK (£172m), excluding Russia. 

Storytel started implementing its operational pause in Russia from 4th March 2022 following the Russian invasion of Ukraine, and carried out the final stage of the close-down in the third quarter of 2022.

The fourth quarter results for the Stockholm-based e-book and audiobook subscription service showed revenue was up 23% standing at 742 MSEK (approximately £58m) compared to 605 MSEK (approximately £48m) in 2021, which did include Russia. 

Streaming revenue in the Nordics for the fourth quarter of 2022 came in at 498 MSEK (£39m), with the average number of paying subscribers for Q4 in the Nordic segment standing at 1.132 million, which corresponds to an increase of 84,000 subscribers compared to Q4 2021.

The streaming revenue for the non-Nordics segment in Q4 2022 totalled 244 MSEK (£19m), which corresponds to an annual growth rate of 67%, 

The average number of paying subscribers in the non-Nordic segment amounted to 904,000 in Q4 2022, an increase of 167,000 subscribers compared to Q4 2021.

Chief executive Johannes Larcher said: “In the Nordics, our market leading service showed continued healthy growth supported by new attractive offerings for all wallet sizes, including the launch of Storytel Premium – our new time-limited (100h/month) subscription which complements Storytel’s comprehensive set of products.”

He said he was happy to see non-Nordic markets deliver solid revenue growth, “driven by our profitable priority markets in mainland Europe and in the US” and added: “Our performance in Q4 boosts our commitment to serve our growing subscriber base and continue our trajectory of sustainable profitable growth.”

“We are dedicated to bringing best-in-class spoken-word audio content to our audiences and will continue our efforts to refine every aspect of our product and service on their behalf," he said.