Storytel issued a press release today to say it had beaten its forecast for both subscribers and revenue in Q4, with an average 768,700 paying subscribers across its fifteen markets, up almost 48,000 on Q3.
Streaming revenue just beat the forecast, coming in at SEK 291.3 million ($32 million) for Q4, of which SEK 140 million came from Sweden.
The increase in the number of subscribers is in part due to the new family subscription rates introduced in Sweden and the other Nordic countries.
CEO Jonas Tellander said,
After a well-executed project, which has involved large parts of the organization, we have now developed our version of a family subscription and which has initially been received very well by our customers. With individual accounts and a great focus on children through a so-called” Kids Mode “We have developed a solution that we believe will suit most families. We can already after a few weeks see that a large number of customers have upgraded and it will be exciting to see how it develops in 2019 when we roll it out in more markets than Sweden, Norway, Denmark, Finland and Iceland.
Tellander said international subscribers had grown at a rate of 76% over the year.
Storytel started 2018 with nine markets and ended the year with fifteen. Storytel is now operational in Sweden, Norway, Denmark, Finland, Iceland, The Netherlands, Poland, Russia, Spain, India, the UAE, Turkey, Italy, Mexico and Bulgaria.
Launches in Singapore and Brazil are scheduled for early 2019 and we can expect four other market launches from Storytel this year.