The latest Storytel numbers are out and it’s another report of impressive double-figure growth in both revenue and subscribers.
Subscribers, at 720,900 in Q3 2018, hit 1,014,400 in September 2019.
Streaming sales, at SEK 280 million ($28.9 million) in Q3 2018, hit SEK 399 million ($41.1 million) in Q3 2019.
Net turnover, steady at SEK 373 million ($38.5 million) in Q3 2018, came in at SEK 491 million ($50.6 million).
During Q3 2019 Storytel acquired Finland’s third largest Publishing house, Gummerus, settled the dispute with Bonnier by closing a long-term deal, and launched in Brazil and Colombia.
On the latter point, I mentioned in a recent post some confusion about how many markets Storytel is in, given the press release says 18 and the Storytel international page says 19.
The official position is it’s 18, plus Colombia. The reason being, it seems, is that a Storytel “market” requires a dedicated Country Manager, whereas Colombia is run from the Latin America Hub out of Mexico.
But let’s wrap up this item with a return to Storytel’s Q3 numbers, where we are not given a country by country breakdown, but we are given a breakdown of the Nordics vs the rest.
The Nordics collectively brought in SEK 340 million ($35 million) from 736,000 subscribers in Q3 2019.
The Non-Nordics brought in SEK 58.8 million ($6 million) from 278,000 subscribers.
We know from the report referenced above that 400,000 of that 736,000 is from Sweden, and of course the other Nordic countries were the first targets for Storytel’s global pitch, so no real surprises there.
What matters in the long term is that subscribers from outside the home country already make up 60% of Storytel’s digital streaming consumer base.
Barring some implausible disaster, that percentage can only continue to rise as Storytel’s expansion continues.
We have a South Korea launch imminent by end 2019, and if not before then then we can expect some indications of the 2020 launch programme when the end-of-year report is delivered in February.
Read the full press release here.