Audio and biking in Amsterdam. The Netherlands is one of Storytel’s 10 core markets at this point. Image – Getty: J2R
By Porter Anderson, Editor-in-Chief | @Porter_Anderson
Bodil Ericsson Torp: ‘Solid Financial Results’
As many of the spring trade shows and book fairs have highlighted, the industry continues to watch the progress of audiobooks and their place in various international markets. While some parts of the world still find adoption to be sluggish, others, of course, have found a quick embrace among consumers and enviably consistent levels of sales and subscription interest.
Bodil Ericsson Torp
The first quarter of this year has left Bodil Ericsson Torp—Storytel Group’s new CEO who assumed her role in October—saying, “The first quarter delivered solid financial results, reflecting strong momentum across both our streaming and publishing segments.”
While it now has many competitors, of course, Storytel holds a place of pride in the world audiobook market, having led the charge in the early years of digital audio delivery. Under its founding CEO, Jonas Tellander, it moved with blistering speed to add national markets in various world regions, developing its own publishing and production capabilities to bolster newly opened markets that didn’t have enough content to support subscriptions.
Today’s focus is on ten markets the company counts as its core: The five Nordic nations (Sweden, Finland, Iceland, Norway, and Denmark); and the Netherlands, Turkey, Poland, Bulgaria, and the United States.
Highlights of the earnings report from the company’s headquarters in Stockholm include:
- Company-wide group revenue was up 7 percent to 953 million Swedish kroner (US$98.7 million)—over the first quarter of last year, when the figure was 892 million Swedish kroner (US$92.3)
- Streaming revenue was up 6 percent from January through March of this year, while publishing revenue was up 16 percent by comparison to the same time frame last year
- The first-quarter gross profit was reported to be up 12 percent at 423 million kroner (US$43.7 million) equaling what the company says is a margin of 44.4 percent
- Adjusted EBITDA increased by 44 percent to 150 million kroner (US$15.5 million), a margin of 15.7 percent
- Net profit for the period is reported at 19 million kroner (US$1.9 million)
During the year, Storytel Group acquired a majority stake in the Swedish publisher Bokfabriken. And in an interesting note, the company relays that after a dialogue with the Swedish Competition Authority (SCA) in February, Storytel “decided to voluntarily give the SCA an opportunity to review the transaction, even though there was no obligation to do so.”
We anticipate another StatShot report soon from the Association of American Publishers, which will include updated audiobook performance in the US market.
A New Management Team
On Tuesday (May 6,) Storytel presented its new group executive management team, put into place “to secure the execution” of what the company calls its “2028 strategy.”
As described by the company Tuesday, the executive management team “represents functions that enable an increased focus on strengthening customer offerings across multiple markets, driving growth in both streaming and publishing. It also ensures strong internal coordination through expert teams that scale the business for improved profitability.’
These are the members listed:
- Bodil Eriksson Torp (CEO)
- Peter Messner (CFO)
- Claus Wamsler-Nielsen (chief commercial officer and head of streaming)
- Helena Gustafsson (chief content and publishing officer)
- Johan Ståhle (chief product and technology officer)
- Oleh Nesterenko (chief marketing officer)
- Anna Etzler (chief operating officer)
- Tobias Andersson (general counsel)
- Malin Lindborn (head of communications)
In a message delivered with this list of top players, Torp said, “I look forward to an executive management team in the company that ensures we lead the way and strengthen our customer offering—whether people choose to read or listen.
“With a simplified organizational structure, we’re now taking the next step in executing Storytel Group’s corporate strategy. The aim is to streamline decision-making, maximize synergies, and better capture cross-functional business opportunities as we drive growth with improved profitability.”
More from Publishing Perspectives on Storytel is here, more on digital publishing is here, more on audiobooks is here, and more on industry statistics is here.
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