Storytel’s streaming revenue for Q2 2022 in line with forecast
Storytel's Q2 2022 streaming revenue came in at 704 MSEK, corresponding to a +29 percent year-on-year growth – +31 percent excluding Russia.
Streaming revenue in the Nordics for the second quarter of 2022 came in at 469 MSEK, in line with forecast. The average number of paying subscribers for Q2 in the Nordic segment was 1,078,000, which represents an annual increase of 94,400 subscribers compared to Q2 2021.
The streaming revenue for the Non-Nordics segment in Q2 2022 totalled 235 MSEK, which corresponds to an annual growth rate of 93 percent. Excluding Russia, the annual growth rate equalled 112 percent. The number of paying subscribers in the Non-Nordic segment amounted to 953,000 in Q2 2022. This corresponds to an annual growth rate of 48 percent – 64 percent excluding Russia.
“In Q2, Storytel saw continued growth in priority markets in the Nordics, Europe and in the US,” says Ingrid Bojner, acting CEO of Storytel. “During Q2 we successfully introduced a limited-on-time subscription Basic in several markets, in our continuous effort to offer relevant alternatives for our subscribers. This offering complements our Unlimited and Family subscriptions, not least in challenging times for household economies hit by the consequences of inflation.”
Table 1: Key Performance Indicators for Streaming
|
TSEK |
Q2 2021 |
Q3 2021 |
Q4 2021 |
Q1 2022 |
Q2 2022 |
Q2 2022 |
|
Streaming Total*,** |
|
|
|
|
Actual |
Forecast |
|
Revenue |
545,451 |
583,084 |
605,128 |
698,599 |
704,454 |
698,000-705,000 |
|
Gross Profit |
209,529 |
233,287 |
220,003 |
283,868 |
|
|
|
Gross Margin |
38.4% |
40.0% |
36.4% |
40.6% |
|
|
|
Avg. Paying Subscribers |
1,626,900 |
1,724,000 |
1,784,600 |
2,051,000 |
2,031,000 |
|
|
ARPU (SEK/Month) |
112 |
113 |
113 |
114 |
116 |
|
|
|
|
|
|
|
|
|
|
Streaming Nordics* |
|
|
|
|
|
|
|
Revenue |
423,323 |
447,199 |
459,018 |
458,555 |
469,390 |
472,000-474,000 |
|
Gross Profit |
161,457 |
179,074 |
171,791 |
165,788 |
|
|
|
Gross Margin |
38.1% |
40.0% |
37.4% |
36.2% |
|
|
|
Avg. Paying Subscribers |
983,600 |
1,024,000 |
1,047,900 |
1,061,000 |
1,078,000 |
|
|
ARPU (SEK/Month) |
143 |
146 |
146 |
144 |
145 |
|
|
|
|
|
|
|
|
|
|
Streaming Non-Nordics** |
|
|
|
|
|
|
|
Revenue |
122,128 |
135,885 |
146,110 |
240,044 |
235,064 |
226,000-231,000 |
|
Gross Profit |
48,073 |
54,213 |
48,212 |
118,080 |
|
|
|
Gross Margin |
39.4% |
39.9% |
33.0% |
49.2% |
|
|
|
Avg. Paying Subscribers |
643,300 |
700,000 |
736,700 |
990,000 |
953,000 |
|
|
ARPU (SEK/Month) |
63 |
65 |
66 |
81 |
82 |
|
*Storytel Norway is included in the figures @ 100%. In the consolidated accounts, Norway is reported in accordance with the equity method.
**Includes Russian operations which is being phased out.
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 persons, at the time stated in this press release, by Cision.
For more information, please contact:
Andreas Lindblom, Head of Investor Relations
Tel: +46 72 506 14 22
Email: andreas.lindblom@storytel.com
Dan Panas, Head of Communications & PR
Tel: +46 70 186 52 90
Email: dan.panas@storytel.com
About Storytel
Storytel is one of the world’s largest audiobook and e-book streaming services and offers over a million 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. The streaming business within the Storytel Group is conducted under the brands Storytel, Mofibo and Audiobooks.com. The publishing business is managed by Storytel Books, and by the audiobook publisher StorySide. The Storytel Group operates in over 25 markets. The headquarters is located in Stockholm, Sweden.