While Storytel has been having a rough time in the Swedish publishing media over its variable royalty arrangements, the Stockholm stock exchange has (albeit without much enthusiasm – see below) agreed to a quest to raise an additional half billion kroner ($55.8 million).
Sweden’s Digital runs this story with the headline,
Storytel takes in a half billion – but the stock exchange yawns
In a press release Storytel CEO Jonas Tellander says the proceeds will mainly be used for,
Storytel’s expansionary strategy involving accelerated investments in geographic expansion, in existing markets and the new regions Latin America and Asia.
TNPS was the first English-language publishing industry journal to break the news on Storytel’s Latin America ambitions –
it’s Asia ambitions –
and the gathering storm over Storytel’s variable royalties –