New record year for Readly - Revenue up by 54 percent for Europe's leading magazine service
London, 3rd July 2019: Readly, the European category leader in digital magazine subscriptions, today announces the results of its annual report for 2018. The total revenue grew by 54 percent to £17 million in 2018 from £11 million the year before. The ambitious growth strategy resulted in a planned loss of £9.5 million for 2018.
Readly has been in the UK since 2014. During 2018 the company launched two more markets, Switzerland and The Netherlands and expanded the content portfolio with 830 titles which now consist of over 4000 magazine titles including many of the UK’s leading titles. In 2018, Readly published more than 23, 700 issues on the platform.
Two significant product developments have been introduced, Readly Exclusive, exclusive content only available for Readly users, and Readly Ads in Sweden. Readly Ads is a first-ever sophisticated ad and data insight tool for publishers.
Maria Hedengren, CEO of Readly, commented: “We’ve invested significantly in building our customer base and we continued to invest in our global expansion, seeing our revenue grow by 54 percent in 2018. Our focus going forward is to keep growing in Europe through a continued increase in the number of subscribers, adding even more inspiring, engaging and entertaining content to our platform, as well as educating the market about digital reading. I now look forward to an even more successful 2019”.
In November 2018 Readly ranked Sweden’s third fastest growing tech company by Deloitte Sweden Technology Fast 50, an independent ranking of Sweden's fastest growing technology companies. In March 2019, Readly was ranked in the top 200 overall and the second fastest growing company in Sweden in the ‘Financial Times 1000 Fastest Growing Companies in Europe’.