Storytel in line with subscriber forecast for Q3 2021

Storytel had an average of 1,724,000 paying subscribers in the third quarter of 2021, which is in line with the forecast of 1,723,000 paying subscribers that was previously estimated. The annual subscriber growth in the third quarter of 2021 was 363,700 customers compared to the third quarter of 2020. Streaming revenues for the third quarter of 2021 came in at 583 MSEK, which was 3 MSEK below forecast.

The average number of paying Storytel subscribers in the Nordic segment in the third quarter of 2021 was 1,024,000, which corresponds to an annual customer base increase of 122,000 subscribers compared to the third quarter of 2020, and means that today, approximately 5 percent of the adult population in the Nordics has a Storytel subscription. The subscriber growth came in 9,000 subscribers below the forecasted 1,033,000. Streaming revenues in the Nordics came in at 447 MSEK, which was 4 MSEK below forecast. The ARPU for the Nordic segment came in at 146 SEK, which was in line with forecast. 

In the Non-Nordic segment, the average number of subscribers grew by 53 percent compared to the third quarter of 2020 and totalled 700,000, which exceeds forecast and corresponds to an annual growth of 241,700 paying subscribers. Streaming revenues for the Non-Nordic segment totalled 136 MSEK, corresponding to an annual growth of 42 percent, which was slightly above forecast. The ARPU for the Non-Nordic segment came in at 65 SEK, also in line with forecast.

– In July, Storytel passed a milestone when we noted over one million paying Nordic subscribers. But despite very strong growth in the region during the first half of 2021, we have seen a reduced influx of new customers in September, a trend we have also seen in previous years and which we believe can be attributed to seasonal variations, says Jonas Tellander, CEO and founder of Storytel.

– Storytel has seen large subscriber growth in India, not least related to our local language-limited subscription Select, which is a contributing factor to us exceeding the paybase forecast in the Non-Nordic segment and a proof that the Storytel local product approach is gaining momentum. We have also increased our market investments in strong Storytel markets, such as Poland, resulting in positive growth momentum. This encourages us in our strategy to increase marketing investments in our mature markets in line with previous communication, which we will continue to do during the fourth quarter, says Jonas Tellander.

Table 1: Key Performance Indicators for Streaming

TSEK  Q3 2020  Q4 2020  Q1 2021 Q2 2021  Q3 2021  Q3 2021 
Streaming Total Actual  Forecast 
Revenue  490,234  503,449  517,075 545,451 583,084 586,000
Contribution Profit  113,663  107,074  97,592  105,933
Contribution Margin  23.2%  21.3%  18.9%  19.4%
Avg. Paying Subscribers  1,360,300  1,442,000  1,540,600  1,626,900 1,724,000 1,723,000
ARPU  120  116  112  112 113 113
Streaming Nordics
Revenue  394,453  399,639  401,834 423,323 447,199 451,000
Contribution Profit  125,534  134,166  119,418  127,010
Contribution Margin  31.8%  33.6%  29.7%  30.0%
Avg. Paying Subscribers  902,000  926,000  957,500  983,600 1,024,000 1,033,000
ARPU   146  144  140  143 146 146
Streaming Non-Nordics 
Revenue  95,781  103,810  115,240  122,128 135,885 135,000
Contribution Profit  -11,872  -27,092  -21,826  -21,078
Contribution Margin  -12.4%  -26.1%  -18.9%  -17.3%
Avg. Paying Subscribers  458,300  516,000  583,100  643,300 700,000 690,000
ARPU   70  67  66  63 65 65

FNCA Sweden AB is the company’s certified adviser. FNCA can be reached at info@fnca.se or +46 8 528 00 399.

This information is such that Storytel AB (publ) is obliged to disclose in accordance with the EU Market Abuse Regulation (EU nr 596/2014). The information was provided, through the agency of the below contact person, at the time stated in this press release, by Cision.

 

For further information, please contact:

Sofie Zettergren, Chief Financial Officer, Storytel AB
Email: sofie@storytel.com

Tel: +46 70 509 98 08

Dan Panas, Head of Global Communications & PR, Storytel AB
Email: dan.panas@storytel.com

Tel: +46 70 186 52 90

About Storytel
Storytel is one of the world’s largest subscribed audiobook and e-book streaming services and offers listening and reading of more than 700,000 titles on a global scale. Our vision is to make the world a more empathetic and creative place with great stories to be shared and enjoyed by anyone, anywhere and anytime. Storytel’s streaming business is conducted under the brands Storytel and Mofibo. Storytel’s publishing business area is carried out through the audiobook publisher StorySide and acclaimed Nordic publishing houses such as Norstedts, People’s and Gummerus. Storytel operates in 25 markets around the globe and is headquartered in Stockholm, Sweden.