Storytel sales up 9% in 2023

Swedish audiobook distributor Storytel’s official year-end earnings report shows net sales up 9% in 2023 to 3,489m SEK (Swedish krona, equivalent to £265m) while earnings before interest, taxes, depreciation and amortisation (EBITDA) increased to 150m SEK (£11m) from -68m SEK (-£5m) the year before. 

Streaming revenue grew 12% to 3,242m SEK (£246m). Chief executive Johannes Larcher said: “Storytel continued its transformation journey and delivered yet another strong quarter to conclude 2023.” 

The audiobook distributor previously announced an “efficiency optimisation initiative” that will be implemented during the first quarter of 2024, including a 13% reduction in workforce.  

In 2024, Storytel said it “expects to deliver group revenue growth around 10% with an adjusted EBITDA margin of above 12% and operational cash flow above 7% of revenue”. 

Storytel Books and Nextory reached an agreement to distribute Storytel Books’ titles on Nextory’s platform as of 1st February this year.