For now the Nordics region continues to provide the bulk of revenue and subscriber numbers, with steady 15% growth in a very competitive and high penetration arena, but that balance could change before this year is out, as more non-Nordic markets mature and hit profitability and as more new markets are opened up.
Storytel’s Q4 results painted the final strokes of the 2021 Storytel saga, and as usual there were no surprises, just the revenue and subscriber percentage leaps we pretty much take for granted from the world’s leading purveyor of unlimited subscription digital books.
Per today’s press release, Q4 streaming revenues came in at SEK 605 million ($66.4 million), denoting a 20% YoY increase to SEK 2.251 billion ($247 million) for 2021.
Storytel ended 2021 with 1.81 million subscribers across 25 markets.
For now the Nordics region continues to provide the bulk of revenue and subscriber numbers, with steady 15% growth in a very competitive and high penetration arena, but that balance could change before this year is out, as more non-Nordic markets mature and hit profitability and as more new markets are opened up.
Outside the Nordics revenue growth hit 41% while subscribers grew 43%, with Storytel CEO Jonas Tellander reporting “strong momentum” in Poland, Turkey and Russia, as TNPS regulars will have expected –
but Tellander reported slower than hoped for growth in the Netherlands and India.
India of course has been impacted by govt. financial games which hit recurring payments for a while, per past TNPS reportage.
No mention in the press release of the promised 2021 Indonesia launch, but TNPS can confirm that will happen, per a statement to us by Storytel ID Country Manager Indriani Widyasari, in Q1 2022.
That will likely be Storytel’s 26th market, although curiously the Storytel press release “About Us” section states Storytel is already operating in over 25 markets, despite the Storytel international site showing just the known 25 countries.
Storytel of course has acquired Audiobooks.com, with a presence in the US, UK and Australia, and this may be what the updated About Us section refers to.
Also unmentioned in the press release is a delightful partnership Storytel UAE, the hub of Storytel MENA, has entered into from its operational base in the UAE.
“Fifty Thousand Readers” is an initiative launched in the UAE at end December as part of the country’s Golden Jubilee celebrations.
TNPS regulars will know the UAE is heavily focussed on the digital future of the publishing industry, and with that in mind the Arabic Language Centre in Abu Dhabi has partnered with Storytel UAE to offer 50,000 free three-month subscriptions to Storytel.
Dr. Ali bin Tamim, Chairman of the Abu Dhabi Arabic Language Centre, explained:
Enhancing and promoting Arabic language proficiency and knowledge through educational tools and partnerships with like-minded organisations is key to our mission at the Arabic Language Centre. We are delighted to mark World Arabic Language Day by partnering with Storytel to launch the ‘Fifty Thousand Readers’ initiative that promotes the reading of digital content in the Arab world and encourages people to delve into the abundant resources available in digital libraries and platforms.
If even just 20% of those 50k free subscribers continue their subscription afterwards that would add 10,000 new subscribers to Storytel MENA at a stroke.
One can imagine Tellander sharing a virtual toast with Storytel MENA Country Manager Sebastian Bond over the New Year.
