Further European expansion in 2020 is a given, but the litmus test for Nextory’s role as pretender to Storytel’s global crown will be its ability to step outside Europe, as Storytel has done, being operational now in 25 markets across five continents, with a further 15 promised before 2023.
As ever there’s little of substance in the numbers shared by Nextory, but per past TNPS coverage, investors who have seen the real numbers have been impressed, and the latest percentage rise in subscribers – up 68% YOY in Q3 – is an indicator that the Pandemic Y1 surge was no one-off.
Recent launches in Norway and Spain took Nextory’s market count to nine, with further expansion promised in 2022. The Spain entrance – via an acquisition and rebranding of Spain’s leading audiobook operator Nubico – is described as a “great success”.
Nextory CEO Shadi Bitar explained in a press release:
During the third quarter of the year, we broke a new record in the number of new users during one and the same quarter. We also see a higher customer loyalty than ever before. This is due to the fact that we have managed to maintain momentum in existing markets at the same time as growth has picked up speed in our new markets in Norway and Spain. The last quarter of the year will be an exciting phase for us as we will invest in further foreign expansion and also test a number of exciting marketing activities in our various markets.
Last year Nextory attracted two new investments of first $6 million and then $20 million, and as Nextory continues to grow it’s likely we’ll see more funding rounds in the near future as Nextory proves it can compete effectively in Europe with rivals BookBeat, Storytel and Audible.
Further European expansion in 2020 is a given, but the litmus test for Nextory’s role as pretender to Storytel’s global crown will be its ability to step outside Europe, as Storytel has done, being operational now in 25 markets across five continents, with a further 15 promised before 2023.
